Bytecoin Refrains From Barking Despite the Precedent of DigiByte’s Scathing Bite at Binance Listing Fees
October 12, 2018 by Paul de Havilland
The Bytecoin team have refrained from lashing out at Binance after the exchange announced BCN was slated for delisting. Binance listing fees have come under some scrutiny of late, with DigiByte publicly refusing to pay them.
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Bytecoin Slated for Delisting From Binance
Binance, consistently among the world’s largest exchanges and one of the most influential, announced on October 9th that it will be delisted four coins–Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). The highest profile project among them was Bytecoin. BCN plummeted 15 percent with the news.
Per its blog post announcement, Binance’s stated reasons for the delistings are:
- Commitment of team to project
- Quality and level of development activity
- Network / smart contract stability
- Level of public communication and activity
- Responsiveness to our periodic due diligence
- Evidence of unethical / fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem
Conflicting Evidence of Binance’s Justification
As Bytecoin announced a software upgrade on October 10th, the first three reasons at the very least would appear on the surface to be inapplicable.
— Bytecoin BCN (@Bytecoin_BCN) October 10, 2018
That upgrade followed a Desktop release addressing a minor bug on October 8th, which followed the announcement of a Twitter account in Japanese the day before. On October 5th, the team released the “latest features announced for the hardfork”.
So why the delisting? Bytecoin released a statement on Reddit refraining from lambasting the exchange, perhaps hopeful of a rapprochement. The statement read:
“We’d like to clarify the situation with Binance. We are in the process of active communication with the Binance representatives about the delisting situation. Bytecoin should proceed its trading on Binance without any issues, and we are trying to come to an agreement as soon as possible. For now any detailed communication with the Binance can’t be disclosed for privacy reasons. We will keep you updated during the day. Thank you for your patience.”
While the statement hardly offers any of the “clarity” it promised to bring, it demonstrated an exercise in restraint and perhaps an indication that CZ’s door remains ajar for an about-face.
A number of followers of the Reddit post complained of non-functional Bytecoin wallets, with one claiming the OKEx Bytecoin wallet had been dysfunctional for over a month. Many others complained about wallet problems. So perhaps there is some merit in a lack of project development.
Do Binance Listing Fees Play a Role?
DigiByte provided an insight into the difficulties of listing on Binance which may be instructive here. An eight-part series of Tweets from DigiByte founder Jared Tate details a number of allegations, including “a listing was “promised” on several occasions”, “jumping through many ridiculous and unprofessional hoops that are completely hypocritical considering projects they later added”, and “refusing to pay the “listing fee” last summer/fall. And continuing to refuse to ever pay it for the last 12 months”.
1/8 It’s time to set the binance record straight and let the world know the truth. The binance – DGB story starts with us refusing to pay the “listing fee” last summer/fall. And continuing to refuse to ever pay it for the last 12 months.
— Jared Tate (@jaredctate) October 8, 2018
With accusations of listing fees running into the millions of dollars, Binance announced an intention to disclose its listing fees, and donate all of them to charity. There has been skepticism about the charitable organization Binance has established, and that it looks somewhat Zuckerbergian:
“Notably, Binance said it will donate 100 percent of listing fees to its recently launched charity division, the Blockchain Charity Foundation.”
I told you. They are going to donate the money to themselves.
— Bitfinex’ed 🐧 (@Bitfinexed) October 9, 2018
Incidents and Accidents, Hints and Allegations. Does Anybody Find This Stuff Amusing Anymore?
Expanse co-founder Christopher Franco claims Binance’s listing fee, at least for his project, was 400 bitcoin:
If binance wants to charge 400 btc to get listed on their exchange that is their right to do so. They appear to have the most volume in the world. Getting listed there does usually result in higher awareness, but if that is the case.. just own it. “ya its expensive”… why lie?
— Christopher Franko 🧐 (@FrankoCurrency) August 9, 2018
He offers evidence by way of a screenshot of a conversation with, allegedly, a Binance employee:
So he is trying to say it was a spoofed email. But um.. it came from https://t.co/bTYQp6cgHK so either…
1. He is lying to save face.
2. someone has hacked their servers and sending emails out from it.
3. he has a rogue employee
I literally have nothing to gain from this.. pic.twitter.com/ubfyuxREEs
— Christopher Franko 🧐 (@FrankoCurrency) August 9, 2018
Still, that tweet fails to evince the actual fees Binance charges applicants.
Co-founder of the FRESCO Network Roy Huang also claimed exchanges were seeking half-a-million-dollars to list a coin, but without evidence:
NASDAQ as a centralized stock exchange only charges less than $200k for listing mega companies.
Meanwhile in the blockchain world,
a lot of crypto exchanges trying to charge $500k+ listing fee.
— Roy Huang (@_akahry_) June 17, 2018
A number of news outlets have reported outrageous listing fees sought by exchanges, but concrete evidence remains elusive. In fact, tweeting that screenshot and not revealing the fees apparently requested might lead one to be skeptical of the claims.
Will We Ever Know What Binance Listing Fees Are?
Binance have assured the public they will begin to be more transparent with their listing fees. To be sure, all exchanges, both traditional and crypto, charge listing fees and ongoing maintenance fees. But none are nearly as exorbitant as some of the figures floating around in relation to Binance.
Bitsonline reached out to Binance in relation to the BCN delisting but at press time have not received a response. We will continue to monitor this story as new facts come to light.
Have your say? Do you believe Binance listing fees are exorbitant? If you have any evidence to present to us, please come forward.
Images via Pixabay