Binance Releases the Outcome of Its Inaugural “Vote to List” Program

Binance released the outcome of its inaugural “Vote to List” program, a new method of token selection on its spot trading platform.

Binance, the world-leading cryptocurrency exchange, has announced the outcome of its inaugural “Vote to List” program on its spot trading platform. Four crypto tokens—mubarak (MUBARAK), CZ’s dog (BROCCOLI714), tutorial (TUT), and banana for scale (BANANAS31)—have been listed on the exchange following community votes and a stringent review process. Trading for the tokens will begin today, April 6, at 21:00 UTC.

Though community engagement powered the initiative, Binance's ultimate choice wasn't solely based on sheer numbers. An exchange spokesperson stated that a rigorous assessment was undertaken, taking into account several parameters beyond votes. Binance will be considering community participation, trading volumes, and risk management when making its selections. Also, more than 12,000 invalid votes were removed from a total of 185,432 to ascertain fairness and integrity.

All four of the newly listed tokens will be tradable using USDT and USDC pairs. The deposits for these tokens opened ahead of time on March 27, and withdrawals will be available from March 28. Binance's move to launch these trading pairs is to facilitate liquidity and convenience for traders on the exchange.

Of the tokens chosen, Mubarak (MUBARAK) topped the list of eligible votes in one of Binance's voting processes, and BANANAS31 topped another. The other tokens included in the ‘Vote to List’ campaign but not chosen in this round are still eligible for consideration in the future. Binance explained that these tokens would be subject to ongoing performance monitoring and additional due diligence before any possible listing in future rounds.

For transparency of possible risks, Binance tagged all four listed tokens with a ‘Seed Tag’. This tag signifies that these assets are extremely volatile and must be traded carefully. Users need to complete quizzes every 90 days to trade tokens with a Seed Tag, accepting the risks involved in these assets. Regional restrictions are also imposed, restricting access based on the country or region of residence of the user.

Binance's initiative marks a unique approach to integrating user feedback with its own stringent selection criteria. While the first batch saw four tokens make it to the platform, others that participated in the campaign could still be listed later. Binance remains committed to a balanced and multi-faceted selection process, taking into account user demand, compliance, and risk assessments.

Binance Alpha users who earlier had the recently listed tokens are now free to transfer them into their Spot Accounts for ongoing trading. The action guarantees early adopters easy interaction with the general market, as well as additional liquidity and inclusion in the Binance system.