If Bitcoin was to apply for listing on Binance, the world’s largest cryptocurrency exchange by means of traded volume, it would get rejected for non-compliance with its listing terms.
‘No’ to Bitcoin
A fairly controversial but rather interesting point was made by WhalePanda, the popular user within the cryptocurrency community. He outlined that if Bitcoin was to apply for a listing on Binance today, it would have to be rejected due to non-compliance with the exchange’s listing terms.
It’s interesting to see where we’re coming from. If you have a decentralized cryptocurrency with a founder that disappeared you can never get listed on exchanges.
This isn’t just for Binance, this is pretty much for any exchange now. pic.twitter.com/qm8Kmx39LR
— WhalePanda (@WhalePanda) July 26, 2018
Ironically, the market’s first and foremost cryptocurrency, Bitcoin, wouldn’t be eligible for listing on Binance for the very same reason that triggered its success: lack of central authority.
While arguments can and have been made that Bitcoin is already listed on the cryptocurrency exchange, the point is clear – Binance seeks a form of centralization as a listing criterion.
Needless to say, the tweet sparked a debate, where some people argue that a representative is only needed as a point of contact in cases of trouble. However, the fact of the matter is that truly decentralized projects, much like Bitcoin, don’t have representatives as that’s their main purpose. Establishing a single point of contact, regardless of whether it’s an individual or a group of people, would suggest that they are vested with certain authorities which conflict with the principles of decentralization.
‘There Is No True Decentralization’
Earlier in July, Zhao Changpeng, CEO of Binance, said that there is “no true decentralization” and that if there is a core team behind a cryptocurrency, this represents some form of centralization.
His comments were triggered by the words of Ethereum’s co-founder, Vitalik Buterin, who openly said:
I definitely hope centralized exchanges go burn in hell as much as possible.
Listing a digital asset on the world’s largest cryptocurrency exchange has been a hot topic for quite some time now. Earlier in August, Christopher Franko, the co-founder of a blockchain-based platform called Expanse, revealed that Binance requested 400 BTC for listing the platform. The cryptocurrency exchange quickly denied the claims, claiming that the email Franko cited was “spoofed.”
Franko went on to outline a few reasons the email is entirely genuine:
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
Do you think Binance’s listing policy is on the right track? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock, Twitter/@WhalePanda, and Twitter/@FrankoCurrency.