Binance, the world's largest centralized cryptocurrency exchange, has launched a new community co-governance structure. Users can now directly influence the listing and delisting of tokens.
What is Binance's Community Co-Governance?
The community-driven governance model allows Binance users to vote on whether they want certain tokens to be listed or delisted. This initiative includes two mechanisms — 'Vote to List' and 'Vote to Delist' — which aim to involve the community in key decisions about token inclusion and removal from the platform.
How Does the 'Vote to List' Mechanism Work?
The 'Vote to List' mechanism allows Binance users to vote for projects they believe should be listed on the platform. Users must hold at least 0.01 BNB in their master accounts to participate. Only projects from the Alpha Observation Zone and other vetted candidates will be included in the voting pool, with Binance handling the initial screening. Projects that receive sufficient votes undergo due diligence to ensure quality and compliance before listing. Projects post-Token Generation Event can also self-nominate for consideration.
'Vote to Delist': Keeping the Platform Clean
The 'Vote to Delist' mechanism gives Binance users the power to vote against tokens that underperform or pose risks. Tokens in the Monitoring Zone that show signs of inactivity or fail regulatory standards can be voted on for removal. If a token doesn't meet community standards, it may be delisted, ensuring only high-quality projects remain.
The introduction of this community co-governance model aims to maintain Binance's high-quality standards while enhancing democracy and inclusivity in the token listing and delisting processes.
