Binance Co-Founder Responds to Backlash and Criticism on Altcoin Listings

Binance, one of the world's largest cryptocurrency exchanges, has recently faced controversy regarding the listing of several memecoins.

In response to criticisms from the crypto community, Binance co-founder He Yi published an article addressing the concerns raised about the listing process.

Listing Process

He Yi detailed the four-step listing process employed by Binance:

1. Business development
2. Research team evaluation
3. Committee review
4. Compliance audit

Community Concerns

He Yi acknowledged the ongoing discussions about Binance's listing decisions and their impact on the platform's direction.

Main Points of Criticism

He highlighted three primary concerns raised by the community:

1. Binance is allegedly undermining its community by listing VC-backed coins.
2. Listing memecoins is considered to lower standards for inclusion.
3. Binance is perceived as acting carelessly by listing certain Telegram-based gaming projects.

Binance's Response

He Yi affirmed that Binance takes these concerns seriously, emphasizing that constructive criticism comes from those who care about the platform.

Clarification of Listing Preferences

He Yi outlined the general preferences of Binance's listing committees:

1. Projects with User Demand: He admitted that Binance previously overlooked the popularity of memecoins and cited examples of Shiba Inu (Shib), ConstitutionDAO (PEOPLE), and Pepe (PEPE).
2. Long-Term Projects: Binance acknowledges the influx of traditional venture capitalists in the crypto space, leading to inflated valuations. The platform considers this trend during project evaluations.
3. Viable Business Models: He Yi believes that entrepreneurship, regardless of the technological context, should focus on creating valuable products that customers are willing to purchase.