Blockstack is a decentralized computing network that has been listed on Binance and paid the exchange 833,333 STX tokens worth around $250,000 at the time. What’s confusing about this is the fact that Binance has officially stated that they would not charge Blockstack for the listing.
The official announcement clearly says: ‘STX Listing Fee: 0 BNB. ‘ However, we know for a fact that Binance did get those 833,333 STX tokens from Blockstack. The CEO of Blockstack, Muneeb Ali also says that it’s not a listing fee but rather a ‘long-term payment’.
Blockstack Will Pay Binance Additional Payments
All this information was revealed in a Blockstack SEC filing. According to the document the company will pay even more tokens to Binance:
In consideration for the Stacks Token’s ongoing and future listing on Binance, the Company has paid to Binance 833,333 Stacks Tokens as part of the hard fork described above and will pay three additional incremental payments of 833,333 each
Apparently, these payments were Blockstack’s idea and they are a marketing fee. The CEO of Blockstack clarified his idea even further stating:
This long-term payment is meant to watch out for the Blockstack ecosystem by incentivizing Binance to list Stacks over many years and aligns well with our long-term focus. The marketing fee is a joint marketing campaign that we plan to run later on, again that is not a ‘listing fee’ but a marketing campaign that we plan to launch in the near future
Listing fees are quite controversial in the crypto market as most people do not agree with them. Either way, Binance has recently announced that all the listing fees received by the exchange would be donated to charity.