CZ's (in image) test token slips through Binance's "tough" vetting process.
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Key Takeaways
Binance’s Test (TST) listing has raised concerns over Binance’s vetting process.
Test (TST) is trading down 38.83% at $0.16 and a market cap of $159 million.
Binance has uncovered 120 investigations into employee misconduct, resulting in 60 employees being fired.
Following Binance’s sudden and rapid listing of a token called Test (TST), which was created by former Binance CEO and co-founder, Changpeng “CZ” Zhao, concerns over the exchange’s vetting process and worries about insider trading began to mount.
Yi He, one of Binance’s co-founders, has responded to criticism and voiced her own concerns.
Speaking in an AMA, He explains that there are three criteria for a token listing. First, the token should outperform the market average. Secondly, the exchange weighs up if the token will draw new users to the exchange. Finally, if it’s a high-profile project, it stands a better chance of getting listed.
“If a high-profile project — particularly one with strong technological appeal and market hype — is not listed on Binance, we risk losing market share,” she said.
There is, however, no explicit mention of TST of CZ throughout the interview. Though just based on the vetting criteria a detailed by He, TST seems to be a perfect fit. CZ has spoken out on the matter, heavily criticizing Binaince’s listing process following the token’s listing:
“I think the Binance listing process is a bit broken.”
Seemingly, even CZ was surprised to see how quickly and easily the token made it onto the world’s largest cryptocurrency exchange.
In recent months, notably following 2024’s memecoin explosion, Binance came under criticism for its rather hasty memecoin listings, which garnered concerns that insider trading was rife at the world’s largest crypto exchange.
TST, a Memecoin?
CZ has previously decried memecoins, describing the mania around these tokens as “weird.”
He has also distanced himself from the TST token and pushed back against speculation that it was his plan all along. However, a recent X post following the listing has drawn some ire.
That said, the token was created on Four.Meme, a launchpad for social crypto tokens on the Binance Coin (BNB) chain.
By the very nature of its creation and the subsequent flurry of trading activity that followed—including a huge price dip—TST meets all the criteria of a memecoin, whether CZ likes it or not.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
