Leading cryptocurrency exchange Binance Holdings Ltd. is making an effort to ensure the safety of investors on its platform by censoring listed tokens.
New Rules for Token Listing on Binance
In the past, crypto investors have been exposed to unverified digital assets that were part of scams like rug pulls. These schemes eventually leave investors with massive losses running into millions of dollars. Events like this end up drawing the attention of regulators who already think crypto bears a lot of high risks.
To mitigate the advent of such false crypto projects, Binance has chosen to tighten its requirements for listing digital tokens on its platform according to a Bloomberg report
Consequently, any crypto project wishing to leverage the Binance platform to list their token must first agree to a long “cliff period” during which a certain share of the total coin supply is locked up in a “smart contract.”
During this time, there would be no usage of the coin, that is, it cann
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