- Binance lists high-risk meme coins ACT and PNUT, both with Seed Tags and smaller market caps.
- Binance requires traders to complete a regular risk quiz to trade Seed Tag tokens like ACT and PNUT.
- Binance denies high listing fee claims as Coinbase also alleged to charge large fees.
Binance announced the listing of two new meme coins, Act I, The AI Prophecy (ACT) and Peanut the Squirrel (PNUT), starting November 11, 2024, at 10:00 UTC. This marks a departure for Binance, which typically lists tokens with market capitalizations above $100 million.
This decision suggests Binance is expanding into riskier assets, as both ACT and PNUT carry Binance’s Seed Tag, indicating high-risk, innovative projects. To address this, the platform requires traders to pass a risk-awareness quiz every 90 days.
The tokens are meme coins built on the Solana blockchain, with the trading pairs ACT/USDT and PNUT/USDT available upon launch. Binance users can deposit these tokens immediately, with withdrawals opening on November 12, 2024, at 10:00 UTC.
Binance stated that withdrawal times are subject to change and can be tracked on the platform’s withdrawal page. Trading bots and Spot Copy Trading support will be enabled within 24 hours of the listing.
Concerns Over Binance’s Listing Fees and Policies
Despite the listing of ACT and PNUT, concerns have surfaced about Binance’s listing fees and requirements. Recently, allegations from Moonrock Capital’s CEO claimed that Binance demanded up to 15% of a project’s total token supply as a condition for listing.
Read also: Binance Listings 2024: Only 5 Tokens Show Positive Returns
He explained that this could cost projects between $50 million and $100 million to be listed on a centralized exchange. Binance Co-Founder Yi He denied these claims, stating that Binance’s listing process prioritizes transparency and thorough screening.
Coinbase CEO Brian Armstrong also weighed in, offering free asset listing through Coinbase’s Asset Hub, while Andre Cronje, co-founder of Sonic Labs, publicly supported Yi He.
Cronje shared his experience, noting that Binance charged $0 for his project’s listing, contrasting with alleged fees of $30 million to $300 million requested by Coinbase.
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