mkeshari

As of November 18, 2025, Binance has not listed Kaspa ($KAS) for spot trading, despite offering KAS/USDT perpetual futures since November 2023 (with up to 50x leverage). This situation has frustrated the Kaspa community for over two years, as Binance supports Kaspa mining via Binance Pool and has shown other signs of interest (e.g., promotions and wallet integrations), but no spot market exists yet.
Key Differences Between Futures and Spot Listings
Futures/perpetual contracts → These are derivatives for speculation and leverage trading. Binance doesn’t need to hold actual $KAS tokens, run a full node, handle deposits/withdrawals, or provide deep on-chain liquidity. They profit mainly from trading fees and funding rates, even during volatility.Spot trading → This requires full integration: running a Kaspa node for deposits/withdrawals, ensuring security audits, managing real token custody, and providing initial liquidity (often by acquiring tokens themselves).
Main Reasons for the Delay (Based on Community Discussions and Analyses)
Technical Integration Challenges — Kaspa uses a unique BlockDAG structure (GHOSTDAG protocol), not a traditional linear blockchain like Bitcoin or Ethereum-based tokens. This requires custom node implementation for wallets, nodes, and security checks. Many memecoins/tokens get listed quickly because they’re ERC-20/BEP-20 (already supported), but Kaspa is a full Layer-1 PoW chain like Bitcoin - and even Bitcoin took years for widespread spot support on major exchanges.Liquidity and Market-Making Concerns — Binance often prefers to accumulate a large amount of the token beforehand to provide stable liquidity and avoid manipulation. Community trackers suggest a suspected “Binance wallet” has been slowly accumulating KASPA (via futures fees or OTC), but it may not yet reach their internal threshold (speculated 1–1.5 billion $KAS). Kaspa’s fair launch (no pre-mine, no ICO, no dev fund) means there’s no “free bag” handed to exchanges like many projects provide.No Listing Fee / Fair-Launch Philosophy — Kaspa is a “cypherpunk” project with no allocated tokens for marketing or exchange deals. Binance reportedly charges high listing fees (or expects token allocations) for spot, which Kaspa’s decentralized community and devs refuse to pay. Kaspa co-founder Yonatan Sompolinsky publicly called this out in November 2025, criticizing Binance for favoring “casino” (meme/speculative) projects over hardcore PoW ones.Strategic/Timing Decisions - Some analysts believe Binance profits heavily from KASPA futures volatility (shorting pressure without spot buying support). They’ve been accused of delaying spot to accumulate cheaper tokens or wait for milestones like Kaspa’s smart contract launch (Kasplex, expected late 2025). Historical pattern: Binance listed futures first for projects like SOL and ADA, then spot later.Regulatory and Risk Caution - As the largest exchange, Binance is extra careful with high-market-cap PoW coins due to custody risks, regulatory scrutiny (especially after past issues).
Current Status and Speculation (November 2025)
No official announcement from Binance about a KASPA spot listing.Community pressure is intense — thousands of comments on Binance posts, open letters from devs, and even Binance.US posting “bring back the cypherpunks!” (seen by many as a subtle nod).Speculation points to possible Q4 2025 or Q1 2026, potentially tied to Kaspa ecosystem milestones (smart contracts, higher BPS).$KAS trades on spot at many other major exchanges (Kraken, Bybit, KuCoin, Gate.io, MEXC, etc.) and has strong fundamentals (top-30 market cap, high hashrate, fair launch).
In short: Futures are low-effort profit for Binance; spot requires real work and commitment - and Kaspa’s unique tech + no-pay-to-play stance has made it a prolonged wait. The community widely views it as inevitable eventually, but Binance hasn’t given a timeline.