Token Listing Vetting Process for Exchanges

A vetting process is not a checklist. It is the documented reasoning that supports every yes and every no. Done well, it survives an audit. Done poorly, it is the first thing a regulator subpoenas.

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Steps
Tech · Issuer DD · Reg risk · Market · MM
Output
Per-asset decision memo
Owner
Cross-functional product committee
Cadence
Weekly

Smart contract and security review

Independent audit, control of mint and admin keys, upgradability model, and known exploit history. The exchange's own engineers review the audit, not just accept the report.

Frequently asked

Should the listings team be paid on listings closed?

No. That is the structural conflict that produces the listings the regulator later asks about.

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Live decision on the table?

Licensing, market structure, MM panel design, listings framework, or institutional onboarding — direct partner time, no pitch deck.