Binance has announced a new initiative allowing its community to vote on which crypto tokens should be listed or delisted from its platform. As the world’s largest cryptocurrency exchange, Binance faces the challenge of filtering out legitimate projects from the growing wave of altcoins entering the market. The company stated that community input has always played a key role in evaluating tokens, prompting it to enhance user participation in these decisions. This move aims to increase transparency and inclusivity while ensuring only credible and high-quality tokens gain traction on the exchange.
How the Process Will Work
Binance will create a voting pool featuring newly launched tokens selected internally. Community members can then vote for the tokens they want to see listed. Crypto projects that have completed their Token Generation Event (TGE)—the stage when a new token is created and first distributed—can apply for self-nomination to be included in the voting pool.
For delisting, Binance will introduce a “Monitoring Zone” to flag tokens that raise concerns, such as those with inactive communities or lacking development updates. Early-stage projects that attempt to inflate token supply without proper safeguards or pose risks to investors will also be monitored and may be removed from the platform.
To participate in the voting process, Binance users must hold at least 0.01 BNB in their accounts. Currently, Binance’s native BNB token is trading at $565 (roughly ₹49,330), making 0.01 BNB worth $5.60 (around ₹490), according to CoinMarketCap. Binance stated that this initiative aims to create a more sustainable crypto industry by improving token valuation models and distribution.
The new mechanism has not yet been launched, and Binance has not provided a timeline for its rollout.
Growing Concerns Over Altcoins
In January, Coinbase CEO Brian Armstrong raised concerns about the overwhelming number of new altcoins entering the market. He claimed that approximately one million altcoins were being introduced weekly, making individual evaluations nearly impossible. Armstrong suggested that regulators implement a system to block tokens that lack proper regulatory approvals.
Last month, Dubai’s crypto regulatory body, VARA, also warned investors about the risks of engaging with trending meme coins, labeling them as “highly speculative assets” that pose significant financial risks.
According to CoinMarketCap, there are currently over 12.44 million cryptocurrencies in circulation.