He Yi, the co-founder of Binance, shed light on the criteria used for token listing on the platform. She also addressed the allegations of insider trading, emphasizing the platform's commitment to fairness and transparency.

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He Yi, co-founder of the world’s largest cryptocurrency exchange by trading volume, Binance, recently shared insights into the company’s token listing procedure and refuted allegations of insider trading. The co-founder delved into the stringent process followed while listing tokens on the exchange, stressing the company’s commitment to transparency and fairness in dealings.

The Process of Token Listing

According to He Yi, Binance’s token listing process is thorough and uncompromising. Aimed at ensuring only the most promising and legally compliant tokens are listed, the process involves a comprehensive review of the project’s white paper, technical strengths, team composition, and market strategy. Additionally, there’s a keen focus on legal compliance to rule out any potential legal complications that may arise post-listing.

Yi provided more insights into the process stating, “We regard whether the project has been invested by professional investors, whether it has partners in the vertical field, and whether it has industry recognition. We even have to consider the appropriateness of its valuation.” This highlights the rigorous analysis a project has to pass before it can be listed on the exchange.

Related: Cryptocurrency Listing: What It Is and How Tokens Are Added to Exchanges

Allegations of Insider Trading

Addressing the allegations of insider trading, Yi firmly stated that any such cases are strictly prohibited by the company and any employees found guilty of the act would be dismissed immediately. She further emphasized that the company has put mechanisms in place to ensure that employee accounts are regularly audited to prevent such occurrences.

“I want to clarify that we have strict rules against insider trading. If an employee is found to have violated these rules, he or she will be dismissed immediately. We also conduct regular audits of our employees’ accounts,” said Yi.

South Africa Grants 63 Additional Crypto Asset Service Provider Licenses
South Africa Grants 63 Additional Crypto Asset Service Provider Licenses

Related: ETHA Lend's ENA Token Sees Tremendous Price Surge, Boosted by Deribit USDE Listing

She explained that Binance has a zero-tolerance policy towards any unethical practices, including insider trading, and that it prides itself in maintaining high ethical standards in all its operations.

The Role of Community Voting in Token Listing

Yi also underscored the importance of community voting in the token listing process, highlighting that it is a crucial part of Binance’s commitment to transparency and fairness. She stated, “Community voting is an important part of our listing process. It gives users a say in which tokens get listed on our platform, and it allows us to gauge the level of interest and support for a particular project.”

This indicates the value Binance places on community opinions and contributions in shaping its platform and the direction it takes in the crypto space.

Related: Binance Faces Allegations of Corruption with FCA in the UK

Conclusion

He Yi’s explanation sheds light on the intricate process that tokens have to go through before they find their way onto one of the world’s largest cryptocurrency exchanges. It also clears the air on allegations of insider trading, with a firm commitment from Binance to uphold the highest ethical standards in dealing with such matters.

The transparency and fairness of the token listing process, coupled with the active involvement of the community, underscores Binance’s commitment to being a user-centric platform. It serves as a reminder of the exchange’s role in promoting blockchain technology and encouraging the growth and development of the crypto industry.

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