Binance Application In Progress


The Exchange Committee is happy to announce that we have submitted an application for listing with Binance. Originally, we couldn't submit because we were lacking a key requirement of the listing process. Fortunately for us, David Chapman tends to obsess over anything and everything related to the Factom protocol and happened to notice that particular requirement had been removed from the listing process. The Exchange Committee then finalized our previous application draft and submitted it this morning, US time.

Now for the notes of caution:

We do not know if we will be listed nor how long it will take if we do get listed so I encourage everyone to be patient and not get too excited. In addition, I want to share some tips from a list written by the CEO of Binance, CZ.

There is a 98% chance you won’t hear from us after you submit your application. This is the norm.
Tip 8: Don’t ask me for a status update on your application.

Tip 9: Don’t ask for a contact person. We don’t allow contact with our review team. We want to avoid bias influence as well as potential bribery attempts.

Tip 10: Don't shill your coin to me on Twitter, or any other social/chat programs.

Tip 11: Don’t send me your white paper.

We don’t reject applications outright (unless you get on our blacklist). Your project may improve over time. Even if we don’t list it now, we may list it later. So, continue working on your project, not on persuading us.
Tip 16: We mandate a strict, one-way NDA at the first point of contact.

Tip 17: We especially forbid project teams disclosing listing information until we issue our listing announcement.

We want good coins. It’s simple, and every coin is different. In general, we like coins with a proven team, useful product, and large user base. We don’t have any hard requirements, as any requirement we publish will likely be reverse engineered.

Tip 20: Focus on user adoption. If you have a large number of users, your product has value. That’s the easiest to measure.

Tip 21: The communication process is part of the evaluation. If a project team acts lazy, overly cunning, arrogant, or just outright unprofessional, we take that into consideration. We evaluate how the team handles difficult situations, even if it is just within their own community.

Tip 22: It is a bad idea to “try-to-pressure” Binance into listing your coin by spreading FUD or negative comments about Binance. Doing so will quickly get you blacklisted. Further, while we try to never proactively say anything negative about any coin or anyone, we do aggressively defend our brand from anyone who attacks us, including attacking back. We feel obligated to do so to protect the interests of our investors.

Tip 23: Refrain from asking your community to over-aggressively shill your coin, it can backfire. There is a fine line between rallying support for your coin, and rallying your community to blame/attack someone else. The latter is frowned upon by us, and may hurt you in our evaluation. This happens especially visibly during community votes.
If we do get contacted by Binance we will be under a very strict NDA and will not be able to share any information with the community until Binance actually lists the coin and announces it. Given all that, the community just needs to keep doing what it's doing: building the protocol, onboarding new clients, fine-tuning governance, growing the user base and turning this protocol into the global standard for data integrity. If we continue to do that, I fancy our chances.