The chief executive of the largest crypto trading platform in the world, Changpeng Zhao discussed the criteria they use for listing tokens on the Binance platform. Zhao said that the top factor that they considered when deciding whether to list a token on the exchange or not was its number of users. Zhao noted in a Forbes interview that even though there were a number of other factors that were also relevant to the decision, the ‘key metric’ that was considered by the exchange was the number of users. Zhao said that if a coin’s number of users is large enough, they go ahead and list it.
The CEO said that it was the overwhelming significant attribute in their decision-making. He gave the example of meme tokens, saying that while he personally did not understand the concept, they had primarily been listed on the exchange because they appear to have a large number of users. He said that his opinion was not important in this regard because they had to follow the community. Zhao went on to say that a large number of users indicated that the token had value and this made it worth listing.
He also urged developers who wanted to have their coin listed on the world’s largest crypto exchange to mention the total number of its users when they are submitting the application form. There are currently 346 cryptocurrencies that are supported on the Binance platform. It offers support for the most prominent cryptocurrencies in the market, such as the likes of Bitcoin and Ethereum, but this is not all. The platform is also quite popular where meme tokens, such as Shiba Inu and Dogecoin, are concerned. Floki Inu had also launched a petition to get listed on the Binance exchange recently, but this hasn’t happened as yet.
The average daily trading volume on the Binance trading volume is somewhere around $28 billion. The founder of crypto listing focused platform Listing.Help, Sergei Khitrov has said that numbers are undoubtedly important where listing is concerned. He stated that major crypto exchanges, such as Binance, do not have to list small tokens because their primary revenue is generated via trading volumes. He went on to say that many small projects do not understand this problem. Trading volumes play a role in the exchange’s profits and this requires a large number of users.
He said that smaller coins should begin with building a community first and this doesn’t mean having 500 or even 10,000 users on a Telegram channel, but a much bigger audience. This would help the tokens get listed on major exchanges. The second-largest crypto exchange in the market in terms of trading volume, OKEx is currently offering support for about 312 cryptocurrencies. The trading volumes of the exchange are almost $7 billion. The largest crypto exchange in the United States is Coinbase, which has a trading volume of about $6 billion and it offers support for 123 cryptocurrencies that exist in the growing crypto market.