The fact that Binance has moved to Malta is a strong evidence of the high standards of this little island in the middle of Mediterranean Sea. Besides the use of common UK law, the quality of the workforce and the flexible business environment, the Virtual Financial Assets Act is most probably the main reason for their decision. Binance has proved to be keen with governance and regulation, so as the way it chooses the VFAs which are selected to be listed in their platform.
At VFAhub we believe that Binance will be eager to give first priority to blockchain technology and coins, which will be sponsored by a VFA agent and gained regulatory approval under VFA regime. To support our thesis, we hereby present a letter from Binance CEO Mr. Changpeng Zhao who is giving general directions on what companies should do to gain Binance attention towards listing in their platform.
“If you are looking to list your coin on Binance, here are some tips. Hope it will help you.
Your CEO/founder must fill the Binance listing request form. We require a direct communication channel to the top. Why? If there ever is a bug or performance issue with your wallet, a fork in your blockchain, etc, we need to talk to a decision maker.
The form is the only input channel. So you might want to fill it completely and comprehensively. Make sure any facts you wish to communicate to us is included.
Don’t send me your white paper or ask for a meeting with me. I don’t have time to read 50-page white papers, research the team backgrounds, look at Github source code, for thousands of projects. I wish I could, but I am not superman. I don’t do initial reviews.
And don’t shill your coin in my tweet comments. It doesn’t work. I am inclined to apply a penalty for people/coins doing it, but it may just promote competitors to do so. So I can’t do that. But regardless, it doesn’t help.
Don’t ask for a contact person from us either. We don’t allow contact with our review team(s). We want to avoid bias influence as well as potential bribery attempts.
If you don’t hear from us after you submit the form, that’s the norm, 99% of the case. The best thing to do is to review your submission and maybe submit again with more convincing info. Don’t ask me (or another Binance member) to get a status of your application. We don’t do that.
We also don’t reject applications. Your project may (hopefully will) improve over time. Even if we don’t list it now, we may list it later.
If your project passes our initial review, someone from Binance will be in touch. We will setup a tech integration channel as well as a commercial discussion channel. Before then, focus on improving your products and services.
What do we look for? We look for good coins. I know it’s a bit vague, but every coin is different. In general, we like coins with large user base, proven product, and well-known team. It’s all basic stuff. Nothing fancy. It is subjective. We don’t have any hard requirement. As any requirement we say can/will be engineered.
There are a few more things we don’t like.
We don’t like big ICOs. If you do a big ICO, be prepare to pay a large % of coins as insurance deposit and listing fee.
We don’t like teams that hype too much. There is a fine line between aggressive marketing and hyping. We want to see teams hunkering down, working hard and delivering value; not teams who do great marketing to put on a show, but gets no development work done. The later one will just create a spike in price (not value) and eventually go back down to zero; the former one will create lasting value.
We don’t like teams that can’t keep their promises. If you make a promise, you keep it. Don’t “adjust” your roadmap too often.
We forbid the following:
We do not accept teams who publicly speculate on price or make predictions or forecasts on their token’s price.
We do not accept teams using the Binance name for their gains without our consent. These include guys who say they “will list on, targets to be on, is a partner of” Binance without our explicit consent, in the hope to boost their credibility and coin price.
We do not allow teams disclosing they will get listed on Binance until their coin starts trading. If this info leaks out, we will put the listing on hold, possibly indefinitely.
If you are eager to tell your community you have applied to Binance, we allow a “Binance Application In Progress” image.
Most projects get a few times multiple in value after they list on Binance. Feel free to propose a fee that you think listing on Binance is worth to you, no need to stretch yourself. A high fee does not guarantee listing, but it may increase your review priority. If you don’t want to pay a listing fee, put 0. We will prioritize accordingly. Free market will determine the rest.
If you accepted BNB during your ICO, or otherwise incorporated BNB into your eco-system, and therefore increased its utility value, we certainly appreciate that too.
If you have been a promoter/supporter of Binance in your community, we always take that into account. We remember people who help us.
Good luck, and hope to see you soon on Binance!”
Changpeng Zhao CEO at Binance
Disclaimer: VFAhub is not an affiliate nor promoting the use of Binance.