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   2742

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 Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.