Listing on Binance – what should you know
If you are seeking to list on exchanges like Binance, it might also be good timing to understand that you might need some help from an experienced third party. A party, that partners with trading platforms and can guide you through often an uneasy listing process. An entity, that can advise you where to list first and tailor a strategic listing plan for your token project.
Empirica offers token projects support in planning their listings. We will guide you step by step in launching your markets and making them liquid from day one. Check how we can support you in token listing.
As of April 2024, Binance is the largest crypto exchange in the world.With billions in daily trading volume and over 185 mln registered users in over 180 countries – is the number one digital asset trading platform worldwide according to Coingecko. It was founded in 2017.
Binance has managed to establish a huge international community. Today the exchange has 40 multilingual Telegram groups that are aimed at providing users from different regions with the most recent updates.
The Binance team includes over 2000 employees based in more than 20 locations all over the world.
Why list on Binance
For token projects searching for a new coin listing on the platform, Binance has several options. You can apply for a direct listing on the Binance exchange, for listing on Launchpad or Launchpool. Launchpad is intended only for new projects that haven’t issued their tokens yet. As for Launchpool and direct Binance listing, these options are available to both young projects and those that already have their coins in circulation.
Though there are no precise requirements for tokens that will be approved for listing, Binance conducts a serious analysis of each project in order to make sure that only the most high-quality tokens will be presented on the exchange and its apps.
At the moment, Binance offers 380 coins and 1,226 pairs for trading.
Binances score metrics
When choosing a venue for listing, it is important to check its reputation and general rank in comparison to other exchanges. A good choice is to check how CoinGecko, CoinMarketCap and Nomics rate the exchange.
CoinGecko uses Trust Score, a rating algorithm evaluating the legitimacy of an exchange’s trading volume. Trust Score is calculated on a range of metrics such as liquidity, the scale of operations, cybersecurity score, and more. Binance’s Trust Score is 10. Only 8 out of more than 500 cryptocurrency platforms have a Trust Score of 10. Currently, the 3 largest cryptocurrency exchanges are Binance, Bybit, and Coinbase Exchange.
CoinMarketCap’s Exchange Score is based on the following factors:
- Web Traffic
- Average Liquidity & Volume
- the Confidence that the volume reported by an exchange is legitimate. Weights are assigned to the above-mentioned factors and a score from 0.0 to 10.0 is given to the Spot Exchange.
Binance’s Exchange Score is 9.9.
Nomics’ metric is called Impact Score – and represents an exchange’s influence on the price of cryptocurrencies it trades. The score is a combination of web traffic, volume, and other factors.
Binance’s Impact Score is a max. 10.
CryptoCompare has established the notion of Top-Tier volume whereby investors can segment the market into higher and lower-risk volumes (A is the best and E is the worst grade).
Here’s the current CyptoCompare’s classification of Binance in comparison with other exchanges:
Listing on Binance – steps to follow
(Based on information published on Binance website)
Apply online: Fill out forms for token listing
Applying for token listing on Binance involves filling out online forms, providing necessary project details and information for review by the exchange’s team.
Listing Options: Choose between Direct, Launchpool, or Launchpad
Projects have the choice between Direct listing, Launchpool, or Launchpad, depending on their stage of development and token availability in the market.
Founder/CEO Involvement: Leadership must complete the application
It’s imperative that the founder or CEO of the project personally completes the application process to ensure direct communication and accountability throughout the listing procedure.
Engagement: Regular updates, BNB integration, community backing.
Regular updates, BNB integration, and community backing are vital to demonstrate project progress and support, fostering trust and interest from Binance and its users.
Await Contact: Response via email if initial review is successful
Following a successful initial review, expect further communication via email from Binance’s team to proceed with the listing process, maintaining transparency and accountability throughout.
Verify authenticity to avoid scams
To safeguard against scams, it’s crucial to verify the authenticity of communication channels, ensuring protection against phishing attempts that may compromise project integrity and security.
Due Diligence: Essential for legitimacy and security
Thorough due diligence is essential to establish the legitimacy and security of projects seeking listing on Binance, promoting investor confidence and platform reliability.
NDA Compliance: Strict confidentiality at the outset
Upholding strict confidentiality through a one-way NDA at the outset of communication helps safeguard sensitive project information and fosters a trustworthy partnership between the project and Binance.
Evaluation Criteria: Focus on team, product, and user base
Binance evaluates projects based on factors like team competency, product utility, and user base, emphasizing the importance of demonstrating these qualities for successful listing consideration.
Ethical Conduct: Avoid pressuring tactics or negative behavior
Maintaining ethical standards by avoiding coercive tactics or negative behavior ensures a fair and transparent evaluation process, promoting a positive reputation and fostering a healthy ecosystem within the crypto community.
Listing on Binance with our help
Empirica – Market Maker on Binance
We are an active market maker on the biggest global exchange – Binance, often taking part in discussion panels representing alongside industry leaders. We help token projects to list on this great exchange and to provide initial and long-term liquidity for their markets.We can help you prepare for listing your token and managing liquidity on Binance and other exchanges. The usual process looks like this:
We set up a call to understand the phase of your project. The following points will be discussed:
- Are you already listed on DEXes or CEXes?
- What is the tokenomy of your project?
- Do you have a listing strategy for your token?
We discuss the best possible liquidity strategy for your project.If we agree to set up a partnership, we introduce you to verified managers of one or more exchanges (listing support).After your project gets listed on an exchange, we help you build your markets on platforms.
