Binance recently made headlines by listing two high-risk meme coins, Act I, The AI Prophecy (ACT) and Peanut the Squirrel (PNUT), both with Seed Tags and smaller market caps. This move signifies a shift for Binance, as these tokens typically have market capitalizations below $100 million.
To trade these Seed Tag tokens like ACT and PNUT, Binance requires traders to complete a regular risk quiz every 90 days. This initiative aims to ensure that users are aware of the risks associated with trading these innovative projects.
Both ACT and PNUT are meme coins built on the Solana blockchain, with trading pairs ACT/USDT and PNUT/USDT available upon launch. Users can deposit these tokens immediately, with withdrawals opening on November 12, 2024, at 10:00 UTC. Binance has stated that withdrawal times are subject to change and can be tracked on the platform’s withdrawal page.
In addition, concerns have been raised about Binance’s listing fees and policies. Claims were made by Moonrock Capital’s CEO that Binance demanded up to 15% of a project’s total token supply as a condition for listing, potentially costing projects between $50 million and $100 million. Binance’s Co-Founder Yi He denied these allegations, emphasizing the platform’s commitment to transparency and thorough screening processes.
Coinbase CEO Brian Armstrong also entered the conversation, offering free asset listings through Coinbase’s Asset Hub. Andre Cronje, co-founder of Sonic Labs, supported Yi He, citing his own experience of being charged $0 for his project’s listing on Binance, in contrast to alleged fees of $30 million to $300 million requested by Coinbase.
It is important to note that the information presented in this article is for informational and educational purposes only. Readers are advised to exercise caution and conduct their own research before taking any actions related to trading or investing in cryptocurrencies.