Binance Co-Founder Responds to Criticism Over Altcoin Listings

Binance Co-Founder Addresses Criticism Over Memecoin Listings

Binance Co-Founder He Yi has responded to recent criticism surrounding the platform's addition of memecoins to its portfolio.

Community Concerns Addressed

As a leading cryptocurrency exchange, Binance has faced scrutiny over its listing of memecoins. In response, Yi penned an article outlining the platform's four-step listing process and addressing user concerns.

Key Points of Criticism

Yi acknowledged three primary criticisms:

• Allegations of betraying the community by listing venture capital-backed coins
• Concerns about lowered listing standards due to memecoin inclusions
• Accusations of reckless listing of game projects from Telegram

Binance's Response

Yi emphasized that Binance values community feedback and recognized it as a sign of concern for the platform. To clarify Binance's stance, she outlined the platform's preferences for listing decisions:

1. Projects with Strong User Demand

Binance had overlooked the popularity of memecoins in the past, missing out on potential opportunities. Yi stressed the importance of user base and traffic in their listing evaluations.

2. Long-Term Viability

Binance acknowledges the influx of venture capital in the crypto space, leading to inflated valuations. The platform prioritizes projects with long-term value and sustainable business models.

3. Robust Business Models

Yi firmly believes that both in Web2 and Web3, entrepreneurship should focus on creating value for customers. Binance considers the business models of listed projects.

Commitment to Standards

Yi's statement clarifies Binance's listing strategy and reassures its community that the platform values high standards and remains committed to meeting user expectations.