The CEO of Binance, the world’s most traded cryptocurrency exchange, has disclosed some information about how to list on the trading platform.

The most important criterion for listing cryptocurrencies on Binance is the number of users, CEO Changpeng Zhao Said In an interview with Forbes on November 29.

CZ went on to say that there are many other factors, such as the number of active addresses on the blockchain, social media audience, and code submissions. However, the number of users is a “key indicator,” he said:

“If a coin has a large number of users, then we will list it. This is an overwhelmingly important attribute. Consider, for example, a meme token, even if I personally don’t understand it, if it is used by a large number of users, we will list it. We go to the community, my opinion is not important.”

According to Binance’s list hint From the perspective of its CEO, the number of users is just one of many factors in listing tokens on cryptocurrency exchanges. “If you have a large number of users, your product is valuable. This is the easiest to measure. Be sure to include user statistics in the application form. This will help a lot,” the CEO stated in the Binance listing Write.

According to Sergei Khitrov, the founder of Listing.Help, a platform that focuses on crypto listings, major crypto exchanges like Binance do not need to list secondary tokens because they mainly profit from trading volume rather than listings.

“This is one of the main issues that many projects don’t understand. They should start by building a community. This means that there are no 500 or 10,000 people in the Telegram channel, but more viewers,” Khitrov told Cointelegraph. He added that it is recommended that token creators start with smaller exchanges.

At the time of writing, Binance Exchange supports a total of 346 cryptocurrencies, including major cryptocurrencies such as Bitcoin (Bitcoin) And ether (Ethereum), and popular memetic tokens such as Dogecoin (dog) And Shiba Inu (SHIB), according to data From CoinGecko. Binance’s daily trading volume is estimated at 28 billion U.S. dollars.

In contrast, OKEx, the second largest cryptocurrency exchange by trading volume Listed 312 coins, with a transaction volume of approximately 7 billion U.S. dollars. U.S.-based cryptocurrency exchange Coinbase support With only 123 tokens, the daily trading volume is approximately USD 6 billion.

Some major centralized exchanges (CEX) have more tokens listed than Binance, Bittrex Checklist At the time of writing, there are more than 450 cryptocurrencies.

related: Kraken exchange defies competitor’s regulatory concerns by listing on SHIB

Unlike CEX, decentralized exchange (DEX) is the world’s largest platform in terms of the number of listed cryptocurrencies, just like DEX Pancake swap No need to contact the exchange or ask for permission. Therefore, DEX PancakeSwap running on Binance Smart Chain has more than 3,200 Listed Tokens, and Uniswap List More than 1,800 cryptocurrencies.

Last month, PancakeSwap listed the Squid Game (SQUID) token, a cryptocurrency scam inspired by the Netflix show of the same name. Increased by more than 45,000% Within a few days after the release. The token is listed on CoinMarketCap, a crypto website owned by Binance, and competitors such as CoinGecko withdrew from the listing of SQUID due to “probably a scam”.