Binance CMO Rachel Conlan says that “community feedback and input” are crucial considerations for crypto exchanges when determining which cryptocurrencies to list, but nothing is “guaranteed.”
The recent rise in memecoin popularity has heightened pressure on cryptocurrency exchanges to scrutinize projects and protect users, according to Binance’s chief marketing officer, Rachel Conlan.
Due Diligence on Listings
“The team does a lot of due diligence on the founders of the project, who is involved, and what’s potentially on their roadmap,” Conlan explained during an interview with Cointelegraph at Aus Crypto Con 2024.
Conlan emphasized that there is no guaranteed formula when asked about the criteria for listing tokens on Binance.
“A few different factors are considered by this secret research team,” she said, adding that “community feedback and input, as well as watching what community trends and insights are around this, are definitely important.”
While some believe hype drives listings, Conlan clarified that it is not the sole determinant. She acknowledged that memecoins have faced criticism due to their limited utility but pointed out a shift in the space. “We know that there are up-and-coming memecoins that have that utility built in, which is really what we all need because we need that use case,” she said.
Community and Long-Term Innovation
Conlan predicts exponential growth in the crypto community over the next 18 to 24 months. This, she noted, would increase the importance of focusing on projects with real use cases.
“It is born and frivolous at the beginning, but if you want to keep the community involved, it is critical,” she said.
Conlan also emphasized the importance of highlighting innovative developments in the industry, particularly those prepared during the current bear market.
“What we should be talking about more is the innovation that’s going to come out, like the innovation that’s been prepped in this bear cycle. What people are building,” she added.
Memecoins: A Divisive Space
Conlan’s perspective on utility aligns with that of Binance’s former CEO, Changpeng “CZ” Zhao, who has expressed skepticism toward the memecoin ecosystem.
In a Nov. 26 post on X, Zhao remarked that memecoins have shifted from being amusing to becoming “a little weird.” “Let’s build real applications using blockchain,” CZ urged.
Despite ongoing scams and rug pulls in the memecoin market, some traders have managed to achieve extraordinary returns.
On Nov. 27, a Solana-based memecoin trader turned a $160 investment into millions after purchasing tokens linked to a viral internet meme.
