Changpeng Zhao criticises Binance's listing process, pointing out inefficiencies and impacts on the market. His statements shake up the crypto community.
Changpeng Zhao (CZ), CEO of Binance, recently criticised the platform's listing process, pointing out serious inefficiencies and flaws.
In a blunt statement, he highlighted the challenges and limitations Binance faced in selecting new tokens for listing. His remarks highlight the increasing complexity and level of scrutiny surrounding the exchange's operations, especially in light of regulatory pressures and market dynamics. His reflection serves as a wake-up call for the crypto industry, calling for a review of listing practices.
CZ attacked Binance's method of listing assets and clarified his position on meme coins.
TST got listed on Binance. A few thoughts:
1. CZ said "fundamentals", then talks about a test coin turned meme coin.
I posted to clarify that TST was NOT endorsed by me/us. It was just a test token used in a video tutorial. But every clarification post just made it more viral...
"As an observer, I think Binance's listing process is a bit broken. They announce the listing and add the token four hours later. The notice period is necessary, but during that time the price of the asset on DEX goes up, and after the listing people sell it on CEX," wrote the entrepreneur.
The Case Of The TST Token And The Controversy Over Binance's Listing
Zhao's statements came in the wake of Binance's announcement regarding the "unintentional" TST meme coin, a test asset it had released on the Four platform.Meme while recording a tutorial for BNB Chain. The association with a well-known figure quickly made the token popular in the community.
Zhao repeatedly insisted that TST was just a demo, but each of his explanations "only increased its virality."
At its peak, the asset's price reached $0.47, while at the time of writing TST is trading at $0.18, with a capitalisation of $175.7 million.
📊 Binance data
CZ stated that he "is not sure" why the asset ended up on Binance and stressed that he was not involved in the process. According to him, in a competitive market, exchanges tend to quickly list assets:
"You may not like it, but the truth is that exchanges should compete to list the most popular coins (with high trading volume) as soon as possible. If your coin is in demand by traders, you don't need to deal with exchanges. As I always say, work on your project, not on the exchanges."
The entrepreneur also stated that he is neither "for" nor "against" meme coins, but that he is interested in their development.
"I think most of you would agree that I have worked hard and made many efforts to help many altcoins and the crypto industry in general. I also have the same view for meme coins," Zhao said.
In his view, the community became interested in this segment in response to restrictions imposed by "an influential regulator" who classified utility tokens as securities and sued the developers. Another factor that has fuelled interest is the possibility of speculation.
Previously, experts at Binance Research had highlighted the enthusiasm in the meme coin sector, explaining the phenomenon by their "honest launch", devoid of hidden insider distributions and token unlocking. The ease of access to assets, thanks to platforms like Pump.fun and bots on Telegram, has also contributed to their spread.
"Memes are a cultural phenomenon. I am not an expert in this field. There are many ardent defenders of memes. Don't go against the community," added the former CEO of Binance.
In February, AI tokens AI16Z and VVV collapsed after being listed on Binance's futures platform.
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Changpeng Zhao (CZ), CEO of Binance, recently criticised the platform's listing process, pointing out serious inefficiencies and flaws.
In a blunt statement, he highlighted the challenges and limitations Binance faced in selecting new tokens for listing. His remarks highlight the increasing complexity and level of scrutiny surrounding the exchange's operations, especially in light of regulatory pressures and market dynamics. His reflection serves as a wake-up call for the crypto industry, calling for a review of listing practices.
CZ attacked Binance's method of listing assets and clarified his position on meme coins.
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The Case Of The TST Token And The Controversy Over Binance's Listing
Zhao's statements came in the wake of Binance's announcement regarding the "unintentional" TST meme coin, a test asset it had released on the Four platform.Meme while recording a tutorial for BNB Chain. The association with a well-known figure quickly made the token popular in the community.
Zhao repeatedly insisted that TST was just a demo, but each of his explanations "only increased its virality."
At its peak, the asset's price reached $0.47, while at the time of writing TST is trading at $0.18, with a capitalisation of $175.7 million.
CZ stated that he "is not sure" why the asset ended up on Binance and stressed that he was not involved in the process. According to him, in a competitive market, exchanges tend to quickly list assets:
The entrepreneur also stated that he is neither "for" nor "against" meme coins, but that he is interested in their development.
In his view, the community became interested in this segment in response to restrictions imposed by "an influential regulator" who classified utility tokens as securities and sued the developers. Another factor that has fuelled interest is the possibility of speculation.
Previously, experts at Binance Research had highlighted the enthusiasm in the meme coin sector, explaining the phenomenon by their "honest launch", devoid of hidden insider distributions and token unlocking. The ease of access to assets, thanks to platforms like Pump.fun and bots on Telegram, has also contributed to their spread.
In February, AI tokens AI16Z and VVV collapsed after being listed on Binance's futures platform.
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