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The Listing Fee Debates Continues, As Binance CEO Says “We Don’t List S***coins”

400 BTC. That’s apparently how much Christopher Franko, the Expanse project’s co-founder, was told to pay by Binance employees to secure a spot on the world’s most popular crypto-to-crypto exchange. As it stands, 400 BTC is worth approximately $2.5 million, making such an exorbitant listing fee out of the reach of many bona fide cryptocurrency projects.

Image courtesy of @frankocurrency on Twitter

However, according to a recent tweet storm from Changpeng Zhao, the CEO of Binance, this is far from the truth. On Saturday morning, the Binance executive, better known as CZ to the cryptocurrency community, drew attention to the claimant’s evidence of an email from “[email protected]” quoting the aforementioned fee. According to Zhao, “the email Franko showed is a spoofed/spam email, not from Binance,” which implies that an innovative, yet conniving individual found a way to disguise his/her/their email as if it was from an official Binance address.

Although it remains to be seen whether CZ’s claim of spoofing is accurate, he went on to note that the fact that Franko wasn’t able to spot the “spoofed” email might reflect badly on the project. Adding more to this sentiment, the Binance executive wrote:

“We don’t list s***coins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more were listed with no fee (paid). Question is not “how much does Binance charge to list?” but “is my coin good enough?” It’s not the fee, it’s your project! Focus on your own project!”

Although not explicitly stated, this statement alludes to the fact that Binance charged a high fee due to the quality (or lack thereof) the exchange’s staff team sees in the Expanse project.

The Community Questions CZ’s Rebuttal

However, upon the release of these tweets, Zhao fell under fire from skeptical community members. One user, going by @danielcpigeon, questioned the legitimacy and bias of Binance’s listing process that has kept behind closed doors.

Another Twitter user doubled down on this sentiment, noting that the way in which people evaluate a cryptocurrency project varies widely from person to person, so how can Binance ensure its methods are in-line with the community?

Even Christopher Franko, the aforementioned Expanse executive, had something to say in response to CZ’s rebuttal. While Franko issued dozens of tweets regarding the subject, there were a few that stood out and goes to show his opinion on the matter.

At first, the Expanse representative remained cordial, inviting CZ to speak with him through DMs to clear up the fee, writing:

“Ok, if you are being genuine that it really doesnt cost 400 BTC to list there, then send me a DM with a real quote so we can clear this up. I believe you are probably an honorable person and the people want to know you are who you say you are.”

But as time went on, and seemingly no progress was made, Franko began to show his warranted anger and frustration through a series of impassioned tweets against Binance’s listing fee practice. It remains to be seen whether Binance representatives will respond to this expose attempt.

But for now, this debacle might have ended, as Franko noted that Changpeng had blocked him on Twitter, putting an end to the back and forth talk that was likely going on between the representatives of the two entities.

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30% of Germans Are Interested In Investing in Bitcoin (BTC) and other Cryptocurrencies

According to a recent survey by Germany’s retail bank, Postbank, 29% of Germans believe that cryptocurrencies are a desirable investment opportunity. According to the report, Bitcoin (BTC), Ethereum (ETH) and other major cryptocurrencies, were still the favorite choice investments for the surveyed group of participants.

The cryptocurrency markets have recently been plagued with volatility but this has not swayed the said percentage 3,100 Germans who were interviewed. This group was interviewed between the end of February and the end of March this year.

The age group of individuals between 18 and 34 years, was the most interested in the crypto industry. Their number accounted to 46% of the 3,100 Germans surveyed. Of this number, 14% were noted as having intentions of buying cryptocurrencies and/or mining them in the next 12 months.

The same report, was quick to caution the aforementioned possible young investors about the high volatility of cryptocurrencies. They were advised to also consider the traditional banking and investing systems.

In addition to age groups, the survey also focused on gender and found that the higher returns of cryptocurrency investment attracted 56% of the men surveyed compared to only 36% of the women in the sample group. With respect to the anonymity offered by cryptocurrencies, 39% of men were in favor of the idea compared to 26% of the women surveyed.

Although the responses of 3,100 individuals cannot clearly depict the views of an entire country, the sample set can provide some clue as to what direction cryptocurrency investment is heading. One clear giveaway is that the young adults of the ages of 18 to 34, are the most likely to embrace new technologies.

The countries of Japan and South Korea had also conducted their own surveys earlier on in the year.

In the case of Japan, a similar age group of 20 to 40 year olds were found as being most likely to owning and trading cryptocurrencies. The total number of crypto HODLers and traders in the country was also estimated as being 3.5 Million.

A similar survey in South Korea, yielded a similar age group as being interested in cryptocurrency investing.

These two additional surveys prove that the younger, tech savvy individuals are most likely to invest and trade in cryptocurrencies compared older age groups.

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PayPal CFO: Volatility of Cryptocurrency Hinders Global Adoption

In an exclusive interview for CNBC’s “Mad Money,” John Rainey CFO of PayPal, mentioned that merchants using this payment platform are not very enthusiastic about accepting transactions in cryptocurrencies due to the high risk they pose.

Mr. Rainey: PayPal CFO Credit: LinkedinJohn Rainey, PayPal CFO Credit: Linkedin

For Rainey, the volatility in the value of cryptos represents a problem for their massive adoption as it could result in substantial economic losses for those who wish to make transactions at a given time without having to wait for some kind of trend reversal.

This volatility makes FIAT currencies the preferred option for payment processing on the platform just because they have a stable value that gives users the security of maintaining purchasing power over time regardless of external situations.

If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction,

Mr. Rainey mentioned that Paypal saw a trend in which “they —the merchants— were immediately moving that to a more stable currency,” to avoid market fluctuations.

This practice is also commonly seen in traditional exchanges, where some traders exchange their money for more stable currencies such as USDT —or the future USD Coin—, or even convert them on to FIAT in case they do not want to trade in a short term.

PayPal Users Value Stability Over Price Fluctuations

The statements of the PayPal’s CFO become more evident after a correlation with the behavior of bitcoin and other altcoins during 2018. A transaction of USD 19000 at the end of the year would have required the mobilization of 1 BTC. If a merchant had left his money in cryptocurrencies, that value today would represent just over 8000USD.

This risk is something that many people are not willing to face even when the possibilities of profit are still there in the same proportion.

The position of PayPal representatives about cryptocurrency is a bit complex. While its CEO and CFO have issued negative statements pointing out the flaws that cryptos have, another of its top executives considers the potential use of bitcoin and altcoins to be extremely positive.

Square, a competitor of PayPal, has recently introduced a payment processing service in bitcoin, the results have been hugely successful. Its CEO, Jack Dorsey, has said he expects Bitcoin to become the standard currency for Internet operations eventually.