Binance CEO CZ shared on Twitter today how the exchange filters the coins to be listed. Binance is the world’s largest cryptocurrency by trading volume. We’ve seen BLOCK, DGB, SAND, and unlimited instances skyrocket with the list news before. CZ now clarifies which altcoin projects Binance will never list.
Binance will never list these altcoins
Cryptocurrency exchanges always aim to list the cryptocurrencies they trust, as does Binance. At Binance, altcoin listings go through a rigorous review process. The Binance.com announcement shared by CZ today is about which altcoins will pass this filter. Binance does not plan to list these altcoins…
Binance listing tips from CZ
In the above article, CZ takes what projects must do to be listed on Binance. Some of the important items are:
- Application forms are the ONLY way to apply for listing on Binance.
- Make sure to include all the information you want to communicate with us in the form.
- We want the project founder or CEO to fill out the form. Why? Why? If something goes wrong with your wallet, if there is a fork or double-spend on the Blockchain, we need to speak to someone from the project.
- Regularly update your project progress to us and the community. Continuous and steady progress is invaluable. This is necessary even after being listed on Binance.
- If you have issued your token on Binance Smart Chain (BSC) and your token ranks high among all BSC projects in terms of number of active addresses and trading volume, this usually shows a good sense of growing an active user base.
- Incorporate BNB/BUSD into your ecosystem and/or raise BNB/BUSD during your fundraising phase.
- If you are responsive and professional during due diligence, it will help speed up the process.
Don’ts
Later in the article, CZ talks about what projects should not do.
- Do not request a status update on your application.
- Do not ask for an interlocutor. We do not allow communication with our review team. We want to avoid potential bribery attempts as well as side effects.
- It’s no use handing me cryptocurrencies on Twitter/social media/chat. Instead, you should contact the project teams to provide regular status updates via the Binance listing application form. A regular stream of updates (let’s say weekly) will help the evaluation process.
- Do not send me your whitepaper.
- We do not reject applications directly (unless you are on our blacklist). Your project may evolve over time. Even if we don’t list it now, we can list it later. So keep working on your project, not to convince us.
Advice from CZ to developers
In part of the post, CZ states that they are looking for good projects listed on Binance.
- If you do not have at least a valid product, please do not apply for listing. Your application will not pass our initial screening.
- Focus on user adoption. If you have a large number of users, your product has value. This is the easiest to measure. Include user statistics in the application form. It will help tremendously.
- The communication process is part of the evaluation. At the same time, if a project team has poor or completely unprofessional communication, it affects the listing application very negatively. We evaluate how the team handles difficult situations, even if only within their own community.
- It is a bad idea to “try to pressure” to list your cryptocurrency by spreading negative comments about FUD or Binance. Doing so will quickly blacklist you.
- Avoid asking your community to sell your cryptocurrency too aggressively, it could backfire.
Finally, CZ reported on Twitter that projects using bots will never be listed. Binance CEO says he needs a tool to detect these bots on Twitter, which Elon Musk has brought to the agenda in the past weeks:
I need a bot that counts spam comments from other bots and deducts points accordingly.
As Kriptokoin.com, we have discussed Elon Musk’s bots explanations in this article.
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