The top crypto exchanges are often criticized for their listing processes by many top names in the industry. This is because the majority of crypto exchanges charge an application fee, which is often fairly steep. Plus, those who offer more than the fee are being bumped up the list and looked upon more favorably, effectively meaning that the list is redundant. However, in late September Coinbase decided to change how it lists new coins, and it appears as if other exchanges are starting to follow suit.
Binance is finally changing how it processes applications for listing and is waiving all fees. Instead of fees, blockchain projects can instead offer a donation, which will then be given to a charity – pretty kind of Binance, don’t you think?
Profiting from Good PR
Charitable donations have been used by companies the world over as a method to reduce taxation, so there is a pretty good chance that this is why Binance is donating all listing earnings to charity. In almost every jurisdiction, charitable donations are tax deductible, meaning Binance will have to pay less taxes in total – a pretty neat way to save money really.
Under this scenario, everyone’s a winner – except the government. Binance gets to save a few million dollars in taxes and charities benefit from the extra funding – a partnership made in heaven. In addition to reduced tax bills, Binance will also benefit in the great PR surrounding this move, helping it to stave off competition from other exchanges in the process.
Coinbase Pioneering the Industry
Coinbase was the first crypto exchange to waive all listing fees and implement a more streamlined listing process. This led to huge spikes in the price of a number of cryptocurrencies that have been trying to get listed on the trading platform. Once again, a Coinbase move has been soaked up by some of the largest crypto exchanges in the world, highlighting its flair for pioneering the industry.
Cryptocurrencies Being Used for Charitable Causes
Earlier in the year, the Pineapple Fund donated around $55 million worth of Bitcoin to 60 different charities. One individual saw the potential of cryptocurrencies and got involved back at the beginning of Bitcoin, and by December 2017 was sat on an incredible sum of money. The person behind the Pineapple Fund has decided to remain anonymous – much like Bitcoin’s founder, Satoshi Nakamoto – but their charitable deeds have not gone unnoticed. Since then, scores of blockchain projects have donated huge sums to various charities to help give back to the community. Through various donations, the crypto sphere is ensuring the development of cures to various diseases, traumas, and eco-warrior projects.
By donating more to Binance, a project won’t be looked upon more favorably – or so the announcement on Binance’s blog claims. It’s solely using these donations to help charities in need and bettering the planet. If only more crypto exchanges could use their incredible amounts of profit for good just like Binance.