Bitget Crypto Exchange Implements Stricter Token Listing Standards
Crypto exchange Bitget is taking steps to enhance user protection by implementing stricter standards for token listings, the company announced on Thursday.
Under the new guidelines, every Blockchain project seeking to list its token on Bitget will undergo a comprehensive Legal and technical review to ensure code quality, Security measures, and regulatory compliance.
According to Hon Ng, Bitget's chief legal officer, "Projects looking to list a token on Bitget must undergo a rigorous legal and technical review to assess its code quality, security measures, and regulatory compliance, in accordance with Bitget’s listing criteria. This is an important step to protect our users from projects with high risks."
Enhanced Evaluation Process
Bitget is enhancing its token evaluation process with updated protocols and stricter criteria. The exchange will focus on analyzing tokenomics, including token supply, distribution, utility, and the Experience of the Development team.
Stricter FDV and Token Unlock Guidelines
Here's an overview of the key guidelines and evaluation criteria that Bitget will be enforcing:
- Analysis of the fully diluted valuation (FDV) to prevent misleading valuations
- Examination of previous funding rounds to identify potential risks
- Review of the token unlock schedule to assess long-term commitment
Token Circulation, Distribution, and Smart Contract Audits
For tokens already in circulation, Bitget will analyze on-Chain Data to evaluate economic health and trading activity, looking for potential signs of overvaluation or Price manipulation.
The exchange will also assess smart contract security and Token Distribution for tokens listed elsewhere. Projects with high-risk indicators like suspended trading or concentrated token distribution will face extra scrutiny.
Additionally, Bitget will review projects’ social media activity, community engagement, team members' backgrounds, and online reputation to identify any red flags and exclude high-risk assets.
Business Plan and Roadmap Requirements
Bitget requires projects to present a detailed business plan and roadmap to reduce the risk of listing short-lived projects and scams. This ensures transparency and protects users' interests while maintaining the integrity of the platform.
Promising Blockchain projects may benefit from listing on Bitget without additional fees if their token is in global demand. However, commercial token placement agreements or partnerships are also possible, as long as they meet all the necessary evaluation criteria.
By implementing these stricter standards, Bitget aims to create a safer environment for users and promote the listing of high-quality Blockchain projects.
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