Binance Lists Meme Cash, Stirring Controversy Over Charges

• Binance lists high-risk meme cash ACT and PNUT, each with Seed Tags and smaller market caps.
• Binance requires merchants to finish a daily danger quiz to commerce Seed Tag tokens like ACT and PNUT.
• Binance denies excessive itemizing price claims as Coinbase additionally alleged to cost massive charges.

Binance introduced the itemizing of two new meme cash, Act I, The AI Prophecy (ACT) and Peanut the Squirrel (PNUT), beginning November 11, 2024, at 10:00 UTC. This marks a departure for Binance, which usually lists tokens with market capitalizations above $100 million.

This choice suggests Binance is increasing into riskier belongings, as each ACT and PNUT carry Binance’s Seed Tag, indicating high-risk, modern initiatives. To handle this, the platform requires merchants to cross a risk-awareness quiz each 90 days.

The tokens are meme cash constructed on the Solana blockchain, with the buying and selling pairs ACT/USDT and PNUT/USDT accessible upon launch. Binance customers can deposit these tokens instantly, with withdrawals opening on November 12, 2024, at 10:00 UTC.

Binance acknowledged that withdrawal occasions are topic to vary and could be tracked on the platform’s withdrawal web page. Buying and selling bots and Spot Copy Buying and selling help will probably be enabled inside 24 hours of the itemizing.

Considerations Over Binance’s Itemizing Charges and Insurance policies

Regardless of the itemizing of ACT and PNUT, issues have surfaced about Binance’s itemizing charges and necessities. Just lately, allegations from Moonrock Capital’s CEO claimed that Binance demanded as much as 15% of a undertaking’s whole token provide as a situation for itemizing.

Learn additionally: Binance Listings 2024: Solely 5 Tokens Present Constructive Returns

He defined that this might price initiatives between $50 million and $100 million to be listed on a centralized trade. Binance Co-Founder Yi He denied these claims, stating that Binance’s itemizing course of prioritizes transparency and thorough screening.

Coinbase CEO Brian Armstrong additionally weighed in, providing free asset itemizing via Coinbase’s Asset Hub, whereas Andre Cronje, co-founder of Sonic Labs, publicly supported Yi He.

Cronje shared his expertise, noting that Binance charged $0 for his undertaking’s itemizing, contrasting with alleged charges of $30 million to $300 million requested by Coinbase.