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December 1, 2021

Binance CEO Highlights one Factor

Changpeng Zhao, the CEO of Binance, revealed some information about using their cryptocurrency trading platform. Binance is the globe’s leading cryptocurrency exchange by volume of trades. The CEO, Zhao (also called “CZ”) told Forbes in an interview that the main criteria for listing crypto on his platform were essentially the number of users the currency has.

The Factors

After stating that the main factor was the number of users for a cryptocurrency, the CEO continued by stating that there also are other factors. These other factors include addresses on blockchain, social media audience and code commits. Regardless of these other factors, he emphasized that ultimately it was the number of users of a cryptocurrency that mattered the most. He said that if a crypto coin has a significant number of users, then we will list it. That’s the overwhelming significant attribute. He added that meme token that also had a large number of users were also listed, eventhough he personally does not “get” meme tokens. The CEO stated that they make these decisions based on the community and that his personal opinion does not weigh in.

Why is this the Main determining factor for Binance?

Binance’s listing tips highlight how important the number of users is, among other factors. Their rationale is that if a crypto token has significant numbers of users, it shows that that cryptocurrency’s product has actual values that these users are indeed convinced of. That perception of the product’s value is paramount. It is also the easiest for them to measure. The CEO added that it would be prudent for applicants to the exchange to include their user statistics in their application form. It would aid their application a great deal in terms of their listing application is successful or not.

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Commentators on the process of listing such as Sergei Khitrove, another founder had additional insights to offer. Khitrov is the founder of a crypto listing-focused platform called Listing.Help. He said that the reason large exchanges like Binance do not list minor tokens is that platforms like Binance do not make their profits from listings. Khitrov said these large exchanges are profitable because of the large trading volumes that are conducted through their exchanges.

The Misunderstanding

Many projects do not understand this main factor regarding Binance and other large exchanges. If they do not have the numbers of users trading with their crypto, they do not stand a chance at getting listed on a large exchange. Khitrov advised that if these projects want to get listed on large exchanges, they needed to focus on establishing a growing community around their cryptocurrency. They should attempt to acquire a large audience, not just 500 or 10,000 users. He recommended that token creators that do not yet have large audiences start by using smaller exchanges when they begin.

Currently, Binance lists 346 cryptocurrencies and has a trading volume of US$ 28 billion. These include the major cryptocurrencies and several meme tokens. So, you see Bitcoin, Ethereum and even Dogecoin and Shiba listed on the exchange.

Binance Competitors

One of Binance’s competitors is OKEx. It follows behind Binance in terms of trading values and generates US$ 7 billion in trading volume. OKEx has 31 coins listed. Coinbase is another exchange. It follows suit with a trading volume of US$6 Billion. Coinbase supports 123 cryptocurrencies.

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Decentralized exchanges are most populated with listed currencies. Some decentralized exchanges do not require permission to get listed or even contact the exchange. Examples of such exchanges are PancakeSwap and Uniswap. This is an exchange on Binance Smart Chain. PancakeSwap has over 3200 listed cryptocurrency coins. Uniswap has over 1800 cryptocurrency coins listed on its decentralized exchange.

The dangers of no permissions

Some weeks ago, PancakeSwap listed a scam. The scam was that of a Squid Game token. The token was inspired by the popular Netflix show by the same name.