Co-founder, Yi He addresses Binance listing of memecoins

Yi He, the co-founder of Binance, provided a detailed explanation of how the platform handles the listing of new coins, especially memecoins. Meme coins have become increasingly popular in the cryptocurrency space in 2024, driven by several key factors.

One of the primary drivers is the strong community support and social media influence, a mimetic and cultural association that meme coins often rely on. Binance recently listed Neiro, BabyDoge, and Turbo.

Describing the coin listing process, Yi He stated that it which involves several stages: business evaluation, research, committee review, and compliance checks. Per Yi, Binance values community feedback on which coins to list and how to improve their procedures.

She also acknowledged that there has been significant discussion within the community regarding whether listing certain coins or projects was a mistake or a form of betrayal. Binance is taking this feedback seriously and reflecting on how to better align its listings with user expectations.

When evaluating new projects, she explains that Binance looks for several key factors. Binance seeks projects that have strong user demand and traffic, projects that demonstrate potential for long-term success, and those with a clear business model and revenue plan.

Yi noted that Binance may have missed some opportunities in the past, particularly with popular coins or projects that gained traction after Binance initially overlooked them.

Yi also addressed concerns about compliance and integrity. She assured that Binance is dedicated to preventing insider trading and other forms of corruption.

In other news, Binance Labs invests in layer two modular blockchain, Hemi

The team responsible for listing coins works independently and undergoes rigorous training to ensure confidentiality and prevent information leaks.

“Currently, the people doing coin listing research at Binance do not talk about business,” the co-founder said. “Then talking about business terms, they do not know what projects have entered the observation pool.”

To further reinforce their commitment to fairness, Binance encourages anyone who has information about potential violations or issues with coin listings to report them.

They offer substantial rewards for such reports, ranging from $10,000 to $5 million, depending on the seriousness of the issue.