It has been a while since we were fortunate enough to receive some breaking news, but today is one of those days. Moolah.io, who recently acquired the MintPal exchange, have published their guidelines for the exchange moving forward. Some interesting bits in there to be honest, so let’s take a look!
Even though the original post is long and detailed enough, I do want to highlight some interesting bits and pieces which I find interesting. You guys can agree or disagree if you like, by leaving a comment down below.
It will become harder for cryptocurrencies to get listed on the new MintPal exchange. Certain requirements have to be met, such as being at least 28 days old, not being another Litecoin clone, and strong community support.
On the downside , the MintPal team can and most likely will add certain coins on their own initiative, without any external involvement. I do understand running an exchange means you have to make as much money as possible to cover the costs, but it’s these kind of practices which gave the original MintPal a rather negative reputation in the end. We will see how this will play out though.
Coin removal is also an interesting topic, as abandoned coins and very low bitcoin-trading volume coins will receive a 10 day removal notice. Said markets will be suspended, and no further deposits will be processed. Withdrawals will still be possible for up to 60 days after removal of the market. Hidden pre-mines or verifiable scam accusations will lead to an immediate termination of the market.
So far, so good, right? On to the part which really annoys me and is just a pure display of greed in my opinion. There is a way to speed up the review process in order to get your altcoin listed on the new MintPal exchange.
All it takes, is paying 2,5 (ORIGINALLY THIS WAS 5!) Bitcoin to the exchange owners,which allows your coin to be reviewed within 24 hours, instead of the standard procedure of 7 days. On top of that, coins not meeting the 28 day maturity are also eligible for addition as a market. Coins in pre-announcement can also pay 5 Bitcoin and get speed-listed on MintPal.
To end the article on a high note, MintPal will also introduce Verified Markets. If the coin developer verifies their identity, has a valid roadmap, a functional wallet, block explorer, website, and a coin older than 60 days. you are on the right path. All it takes is a meeting with the MintPal representatives , and once that is deemed positive, your coin will be a Verified Market.
ICOs will still be possible on MintPal unfortunately, but the guidelines have become a bit more strict. No additional pre-mines are allowed, funds will not be released for 7 days after the ICO ends, and in case crap hits the fan, investors can receive a refund.
All in all, I’m not overly optimistic about these rules for the new MintPal. There are some bits I do agree with, which should become a standard for all exchanges out there if you ask me. Other bits shouldn’t even be in there to begin with. You can tell us your thoughts by leaving a comment below.
Official announcement :