- Binance launches high-risk meme cash ACT and PNUT, each with seed tags and smaller market caps.
- Binance requires merchants to finish an everyday danger quiz so as to commerce Seed Tag tokens equivalent to ACT and PNUT.
- Binance denies claims of excessive itemizing charges as Coinbase additionally allegedly prices excessive charges.
Binance has introduced the launch of two new meme cash, Act I, The AI Prophecy (ACT) and Peanut the Squirrel (PNUT), beginning on November 11, 2024 at 10:00 UTC. This marks a departure for Binance, which usually lists tokens with a market cap above $100 million.
This determination means that Binance is increasing into riskier property, as each ACT and PNUT carry Binance's Seed Tag, which signifies high-risk modern tasks. To deal with this difficulty, the platform requires merchants to take a danger consciousness quiz each 90 days.
The tokens are meme cash constructed on the Solana blockchain, with ACT/USDT and PNUT/USDT buying and selling pairs accessible at launch. Binance customers can deposit these tokens instantly, with withdrawals beginning on November 12, 2024 at 10:00 UTC.
Binance mentioned withdrawal instances are topic to vary and could be tracked on the platform's withdrawal web page. Help for buying and selling bots and Spot Copy Buying and selling shall be enabled inside 24 hours of inclusion.
Considerations about Binance's charges and insurance policies
Regardless of the listings of ACT and PNUT, there have been considerations about Binance's itemizing charges and necessities. Not too long ago, claims by the CEO of Moonrock Capital claimed that Binance demanded as much as 15% of the challenge's complete token provide as a situation for itemizing.
Additionally Learn: Binance Listings 2024: Solely 5 Tokens Present Constructive Returns
He defined that it may price tasks between $50 million and $100 million to be listed on a centralized trade. Binance co-founder Yi He denied the claims, saying that Binance's itemizing course of prioritizes transparency and thorough vetting.
https://twitter.com/heyibinance/standing/1853103272715796668
Coinbase CEO Brian Armstrong additionally weighed in, providing a free asset itemizing by means of Coinbase's Asset Hub, whereas Andre Cronje, co-founder of Sonic Labs, publicly endorsed Yi He.
Cronje shared his expertise, noting that Binance charged $0 to record his challenge, in distinction to the alleged charges of $30-300 million demanded by Coinbase.
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