Binance Listing Tips – Changpeng Zhao

Here are some tips for listing your coin on Binance.com, from me (CZ) personally.

Process

The online application form is the ONLY way to apply for listing on Binance. You should fill it in completely and comprehensively. (link can be found at the bottom of Binance homepage)

We typically require the project founder or CEO to fill out the form. Why? If there ever is a bug with your wallet, a fork or double-spend in your blockchain, we need to talk to a key person.

There is a 98% chance you won’t hear from us after you submit your application. This is the norm.

Tip 1: Don’t ask me (or any Binance member) to get a status update on your application. We don’t do that.

Tip 2: Don’t ask for a contact person. We don’t allow contact with our review team. We want to avoid bias influence as well as potential bribery attempts. We do our initial review objectively based on information you supply and publicly available info, like a regular investor.

Tip 3: We usually don’t reject applications outright (unless you get on our blacklist). Your project may improve over time. Even if we don’t list it now, we may list it later. So, continue working on your project, not on persuading us.

Tip 4: Should you make any significant progress, you can submit the information again in the same form as a re-applicant. Additional information is typically useful for the review team to re-evaluate your project.

Tip 5: Don’t send me your white paper. I don’t do initial reviews.

Tip 6: Don’t shill your coin in my tweets. It doesn’t work. I am inclined to apply a penalty for people/coins doing it, but I am not involved in the listing process, so I can’t even do that. Annoying the heck out of me also certainly won’t help.

Tip 7: Update your project progress on Binance Info, on a weekly basis. If your project shows a steady stream of progress and communication, it will significantly increase your chances of being listed.

Binance listing review is a process, not an event.

Contact

If your project passes our initial review, someone from Binance will be in touch with you for more specific questions relating to your project. We will then setup a tech integration channel as well as a commercial discussion channel.

Tip 8: Beware of scammers pretending to be Binance. The current fashion is email spoofing. I assume more advanced methods will come later. Find a way to verify they are indeed from Binance, especially before you make a payment for listing fees.

We mandate a strict, one-way NDA at the first point of contact. So you can be pretty certain anyone announcing or claiming to have “partnerships” or “listing agreements” with Binance is lying or violating their agreement with us, which renders them void, if any.

If you are eager to tell your community that you applied to Binance, you can use the image at the top of this article. It just says you applied to Binance, nothing more.

Evaluation

We want good coins. That’s it! I know it’s vague, but every coin is different.

In general, we like coins with a proven team, useful product, and large user base. It’s all basic stuff, nothing fancy. It is subjective, and not perfect (we know that). We don’t have any hard requirements (such as x people in Telegram), as any requirement we publish will likely be reverse engineered.

Tip 9: Focus on user adoption. That’s the easiest to measure and provides the most convincing data. If you have a large number of users, your product has value.

Tip 10: The communication process is part of the evaluation. If a project team acts lazy, overly cunning, arrogant, or just outright unprofessional, we take that into consideration. We evaluate how the team handles difficult situations, even if it is just within their own community.

Tip 11: It is a bad idea to “try-to-pressure” Binance into listing your coin by spreading FUD or negative comments about Binance. Doing so will get you on the blacklist. Further, while we try to never proactively say anything negative about any coin or anyone, we do aggressively defend our brand from anyone who attacks us, including attacking back. We feel obligated to do so to protect the interests of our investors.

Tip 12: Refrain from asking your community to over-aggressively shill your coin, it can backfire. There is a fine line between rallying support for your coin, and rallying your community to blame/attack someone else. The latter is frowned upon by us, and may hurt you in our evaluation. This happens especially visibly during community votes.

Fees

“How much does it cost to list on Binance?”

This is one of the most naive (and simple-minded) questions out there. It shows the person has no clue on how exchanges work, what is required and what we do to protect our users. There have been many mis-opinions, mis-information, and misunderstanding about listing fees. It’s a long topic, I will just briefly touch on the surface here.

Before getting to the fee (it’s really not the key factor), we need to put projects into at least 4 categories. Very good, good, average, and bad.

“Very good” projects have stable products and many users, and/or will grow in price and have a strong user base. Exchanges will rush to list these. In fact, exchanges should pay the coin team to list them, but alas, no one can prevent an exchange to list a blockchain asset.

“Good” projects are still good, but they carry some risks. Exchanges have to ask: Will their progress continue? Their price is not over hyped? Their product, blockchain, wallet are secure and stable? How much work is involved in integrating their wallet, blockchain monitoring, etc? More risk tends to lower value and increase cost. Also the number of new users these projects bring to exchanges are lower than the “very good” ones.

There is a further dimension here, size of the exchange. These “good” projects can bring more positive impact for smaller exchanges (with a smaller existing user base, thus less overlap) than to big exchanges (higher degree of user overlap). Big exchanges bring far more users/liquidity to the coin. Big exchanges also have more to lose. If they make a mis-judgement, the damage is wider. So, the small exchanges should still pay the project teams to list them, and these projects should pay big exchanges for listing. In fact, in addition to listing fees, there should also be insurance deposits to guard against issues like wallet bugs, double spend attacks, etc. These tend to have unlimited downside, if proper care is not taken. “Proper care” costs money to implement and maintain. This is especially required for “newer” coins, all the new “mainnet swaps” we see these days.

“Average” projects carry even more risk for exchanges, and especially for big ones like Binance. If the project turns bad, then a lot of users are affected. For these projects, we typically like to wait-and-see. If they keep making good progress, we can always list them at a later date.

“Bad/scam” projects are worth a brief mention because they are always willing to pay anything. They would happily pay $20m USD, as long as they think they can cash out at a market cap of $21m, or even $20.1m. This is why top exchanges never make listing fee a top consideration factor.

There are many other factors I have not mentioned: size, market cap, stage, and even culture of the project.

Now, with that, “how much should we charge for listing?” Well, it depends on the project.

We take the simple approach of letting the project propose a number to us, and we review it together with other info we have. This approach often cause projects to (mistakenly) think they didn’t get a response because of the fee. But in reality, it’s usually other aspects of the project. If you make your project as awesome as ETH, there won’t be any discussion about fees. If you are not quite there yet, you should consider the free market value system, and what is worth to you for listing on a Binance. Exchanges don’t have an obligation to list your coin.

One other naive question we get: “Why don’t we list all coins for free?” Well, with the 10,000 coin listing requests we get, just installing all of their wallets alone would take years, and 10,000+ machines, not to mention we have to ensure their security and stability. A bug in a poorly written wallet could have unlimited downside. Also, an exchange that lists everything tends to turn into a wasteland, and a graveyard for projects.

I hope this clears up any confusion regarding fees.

Tip 13: Just propose a number you are comfortable with, and we will work with the rest. Don’t sweat too much over it. Focus on your project.

Growing BNB

Tip 14: If you incorporated BNB into your ecosystem,

Tip 15: If you raised BNB for your ICO (and held on to them),

Tip 16: If you have been a promoter/supporter of Binance in your community,

All of these will definitely increase your priority of review and chance of listing. We remember people who help us.

Big and Small ICOs

I still don’t like big ICOs, especially those that are still at concept stage. This seems to have made some people think I must like ALL small ICOs. They say: “You said you don’t like big ICOs. Here is a small ICO project, why haven’t you listed it? You are not a man of your words…” Funny how some people’s logic work. But no, it does not mean I like all small ICOs. Again, it depends on the project.

I am still very much pro-ICO. Haven’t changed.

Big ICOs carry a lot of risk for listing. For big market cap projects, I always recommend charging in % of the market cap, and asking for a large % of the raised amount as insurance deposit.

Small ICOs have other difficulties. It’s hard to predict how they will grow.

I guess in summary, we like: strong team, existing product, large user base, and ones that have done relatively small ICOs. The bar’s not too high, right?

Imperfect

There are many other models tried by us and other exchanges.

Community voting, an initiative put forward by Binance’s community. We tried Slack voting first, then web voting, and even a Twitter vote in between. Cheating accusations abound, every time. It’s hard to define, detect and clean up “cheating”.

Other exchanges have tried community voting with supernodes (required to hold platform tokens), but this ends up just favoring the big whales.

There is also voting that cost $1 per vote, with unlimited votes per person. This simply allows scam coins to buy listing (remember these guys will pay anything) for $32m RMB plus. I believe this is also where the clause “millions for listing” came from.

Yet, others have tried requesting for project teams to guarantee a minimum trading volume, resulting in of course, wash trading.

For Binance, we hold more of a black box, subjective model. Our listing process is by no means perfect, or anywhere close to it. We are still constantly improving and evolving it.

The Coin You Hold

In conclusion, there are many great coins out there we have not listed, yet! And yes, especially the one you invested in and currently hold. That’s the one that Binance needs to get their act together on and list immediately next, right? And yet we fail 99% of the time. There are just times where we can’t please everyone.

Thinking it through, the fact people complain about Binance not having listed a coin shows strong support for Binance. You want to trade your favorite coin on Binance! We appreciate that. And we are working hard to improve our processes, reviewing and listing high quality coins as fast as we can. We thank you for your patience, understanding and strong support for Binance.

Source: CZ Linkedin

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