The Binance cryptocurrency exchange was somewhat disingenuous when it announced that the placement of Stacks (STX), the native token of the Blockstack project, cost the latter nothing, writes The Block .

According to documents that Blockstack submitted to the US Securities and Exchange Commission (SEC), the company paid Binance 833,333 STX (about $ 250,000) in advance. Moreover, the New York startup also agreed to pay the same amount annually to the exchange, “taking into account the current and future listing of the Stacks token”.

A Binance spokesman told the publication that the placement fee implies covering the technical costs of the listing (although the exchange’s press release does not say so), and the amount received from Blockstack was a “long-term payment."

He also emphasized that Blockstack was the first company to make this type of payment.

Blockib CEO Munib Ali also commented on the situation:

“This long-term payment involves monitoring the Blockstack ecosystem in order to encourage Binance to list Stacks for many years and fully meets our long-term plans.”

Recall, a year ago, Binance announced that it would transfer all fees for listing tokens to charity. The decision was made amid a series of scandals, when project managers of startups announced excessive financial appetites of the exchange.

Subscribe to BlockchainJournal news in Telegram: BlockchainJournal Live – the entire news feed, BlockchainJournal – the most important news and polls.