Binance one of the largest crypto exchanges in daily trading volume has proposed to use the fees collected to list new tokens towards charity.
According to their website, The Crypto exchange firm has officially announced that they would like the “listing fee” to be called as “donation”. And they will not specify any minimum fees for listing token on their exchange.
The Exchange mentioned on their website that,
“Binance will make a change to our listing fee policy. Starting immediately, and going forward, we will make all listing fees transparent and donate 100% of them to charity.”
Donation Towards Charity
Blockchain Charity Foundation (BCF) is an initiative started by Binance. This Charity will provide the billion people who are in poverty and support them with their daily needs.
This Charity is headed by Helen Hai, UNIDO goodwill ambassador and Marie-Louise Coleiro Preca, President of Malta as the Chair of its senior advisory board.
This initiative by Binance will help to use blockchain for charity and towards helping poverty people around the world.
Also, During the floods in Japan Binance had come forward to help flood victims from West Japan. The company had contributed up to $1 Million USD.
Submitting Coin Listing for Review
Companies who have already listed no need to participate in this but the companies who have submitted for review have to update their application with appropriate fee. Then this fee will be given as a donation to the charity organization.
Also, they mention that there is no guarantee that larger donations will impact the result of the review of the application submitted for listing. So it means every donation if its small or large will be treated with equal importance.
This is a very impressive initiative by Binance and hoping that other crypto exchanges might come up with some charity initiative in the future. But most important point is that they are making a move towards the charity which is good for the community.