Binance List STX Tokens Following $250k Long-Term Payment

Binance List STX Tokens Following $250k Long-Term Payment

A filing from the United States Securities and Exchange Commission (SEC) indicated that the huge cryptocurrency platform, Binance has received a whopping quarter of a million US dollars in long-term payment in order to keep Blockstack listed for just one more year.

The SEC filing reveals that the Binance platform received the $250k in STX tokens. Valued at around $0.30, the sum results in 833,333 STX for Binance. 

Furthermore, the document shows that the firm intends to pay Binance even more!

“[Blockstack] will pay three additional incremental payments of 833,333 each, on the first, second and third anniversaries of the Services Agreement’s effective date provided the Stacks Token is continuously listed on Binance prior to each such date. In addition, the Company will pay Binance a USD $100,000 payment for Binance’s marketing services.”

Not a Listing Fee

This follows on from an announcement published from Binance last week on 23rd October which went onto state that the platform did not charge a listing fee for adding Blockstack’s token to its platform.

A Binance spokesperson was asked to clarify the apparent contradiction between the securities commission and its announcement to which they said that the quarter of a million dollars received by the platform which isn’t a listing fee but was more of a marketing scheme thought up by Blockstack themselves.

“A long term payment fee is an incentive proposed by Blockstack for Binance to keep the token listed on the exchange. This is a new payment fee proposed by Blockstack.”

The platform went onto state a quote from the CEO of Blockstack PBC, Muneeb Ali who said that the standard agreement includes a listing fee referred to as the “Technical Integration Fee.” This was a $0 fee in this instance, which is what Binance stated in its announcement. Ali went onto note:

“The ‘Long-term Payment’ is something new that is not part of Binance standard agreements and it was an idea that I had and I proposed it to them. This long-term payment is meant to watch out for the Blockstack ecosystem by incentivizing Binance to list Stacks over many years and aligns well with our long-term focus. The marketing fee is a joint marketing campaign that we plan to run later on, again that is not a ‘listing fee’ but a marketing campaign that we plan to launch in the near future.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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