SUSHI is a DeFi project that runs on Ethereum blockchain. Its founder recently sold all of his tokens on Uniswap and swapped them for 18000 Etheruem. CZ, CEO of Binance says he does not know the founder of SUSHI project. However, for every other project, proper background checks are done to ensure only the quality projects make it to Binance exchange.
He says if do not list the new DeFi coins, traffic would go to other cryptocurrency exchanges and this will slowly make Binance exchange obsolete. They want to provide access to liquidity but they are not forcing their exchange users to buy any DeFi coins.
For a new project to get listed on Binance, the listing process requires a spokesperson from the project to send Binance detailed information about the team and their personal wallets so that they cannot exit scam. Here is Binance’s official link that says “Binance has a rigorous screening process for listing”.
Clearly, Binance is smart and they are ready to do anything to stay the number one cryptocurrency exchange in the world.
Scams are everywhere and many are there on NASDAQ as well. LK and LFIN instantly come to mind in recent years.