Recently, a group of friends have been discussing the criteria for coin listings on Binance. Here's my take: The cryptocurrency market operates as a free market where liquidity and trading volume across centralized (CEX) and decentralized exchanges (DEX), as well as other platforms, form a unified pool. Even if Binance opts not to list certain projects, those projects continue to exist within the broader industry, diverting trading volume and capital elsewhere. Factors such as VC-backed projects, meme coins, region-specific tokens, speculative investments, and capital speculation all play roles. With the potential approval of ETFs, traditional financial markets may also redirect funds into cryptocurrencies.

Regarding VC funding, while VCs can drive up prices initially, they typically operate on a 7-year fund lock-up period with management fees and dividends. Their investments may face risks, potentially leading to losses. Projects that secure substantial funding may navigate market cycles differently, but the currency's fundamentals and governance remain critical. Therefore, investors should conduct thorough analyses, considering token utility, release schedules, ownership distribution, and initial circulation.

The rise of DeFi has enhanced liquidity and market freedom, posing challenges for CEX to establish rigid rules. Yet, this dynamic reflects the allure of a free market in cryptocurrency. Remember to DYOR (Do Your Own Research) before investing, as there is no one-size-fits-all approach.