At the Blockchain Connect conference held in San Francisco last week, Binance co-founder Ted Lin said that 97% of altcoin applicants are rejected, adding that is good news for investors.
We actually pass less than 3% of all applicants in our reviews. So don’t be alarmed or worry if your project is not approved for listing on Binance as that is actually the norm. 97% of altcoin applicants are rejected, and that is good news for investors as well.
Lin said that Binance has a proprietary methodology how to choose a project for listing. The exchange asks projects about its product: is it in just in alpha mode or whitepaper mode, and does it actually use the Blockchain technology for real or did they just make whatever and slap Blockchain on the end of it hoping to raise money, Lin said.
We like to see projects that are looking for traffic and not money. We don’t like people who shove a few Lambos in their tab and claim that they need us. We like people who are modest. We like teams who have an existing user base.
Lin added there are a lot of propriety considerations the exchange takes into account that cannot be to openly shared because if Binance shares those metrics, then they might be engineered.