STX Listing Was Not Free Despite Announcement from Binance Exchange
NEWS
October 28  |  2 min read

Binance Zero Fee for Blockstack Listing Is Not Exactly Zero

The COIN360 Editorial Team

Crypto exchange Binance’s announcement last week indicating that Blockstack’s Stack token, STX, was listed for free has been contradicted by Blockstack’s SEC filing. According to it, Blockstack paid 833,333 STX, around $250,000, upfront and has agreed to pay an additional 833,333 STX tokens annually for “ongoing and future listing”. Blockstack CEO Muneeb Ali commented that these payments were meant to “incentivize” the crypto exchange to list STX for a long period of time.

Binance’s representative confirmed the fact of payment, highlighting that it’s not a listing fee but a “long-term payment” and that the listing fees only represent the technical costs of listing. The representative also shared that this is the first time any company has provided this type of “long term payment” to the exchange.

As COIN360 previously reported in an overview of listing fees of various exchanges, all listing fees paid to Binance were announced to be transparent with 100% of the money received for listing to be transferred to Binance’s own charity fund, Blockchain Charity Foundation. Nevertheless, the payment was not mentioned in the Binance announcement of the STX listing. Moreover, Binance’s representative shared that this payment will not be donated to charity, since it is not a listing fee.