The recent listing of the $DOGS token on Binance Launchpool has generated criticism from LBank.
In a tweet on Aug. 20, the crypto exchange argued that the move on Binance might make $DOGS more centralized, which goes against the idea of decentralization often linked with meme tokens.
LBank also questioned the exclusivity of the Binance listing, stating, “LBank was one of the first exchanges to recognize and support the value of the @realDogsHouse project. Isn’t that a good thing?”
The exchange worries that prioritizing Binance might shift $DOGS focus away from its community-based goad and become controlled by a single platform, which according to LBank goes against the open and decentralized nature that the project initially aimed for.
On the other hand, Binance’s Launchpool provides $DOGS with exposure and liquidity, allowing users to stake the token and earn rewards. This development which was announced today is seen as a positive step for increasing the token’s visibility and market presence.
LBank also raises concerns about user empowerment and price setting. “Pre-market trading is a way to empower users, giving them the freedom to define the price of Dogs early on. Shouldn’t users have the freedom to set the price, or should it only be decided by the project team?” LBank noted
The exchange emphasizes that allowing trading on multiple platforms can provide a fairer way to determine the token’s value.
Additionally, LBank questions the claim that only the Binance-listed version of $DOGS is genuine.
You claim that Dogs on #LBank is a counterfeit, so is the Dogs on #Binance the only legitimate one?
The exchange stresses that its platform lets users withdraw and transfer tokens freely, disputing any allegations of counterfeit tokens.
However, the criticism from Lbank has received a response from the crypto space as some question whether a crypto exchange needs permission to list a token on its platform
Also Read: LBank Celebrates 9th Anniversary with USDT Rewards for $DOGS Holders
