Binance: 97% of Altcoin Applicants Rejected

We actually pass less than 3% of all altcoin applicants in our reviews, said co-founder of Binance
01 February 2018   2260

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.

 

Ted Lin

Co-founder, Binance

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. 

 

Ted Lin

Co-founder, Binance

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. 

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.