2024-11-5 07:30 |
Over the weekend, Binance and Coinbase were accused of asking for millionaire fees for token listing, igniting a discussion about listing requirements, exchange rivalry, and FUD (fear, uncertainty, and doubt). Several industry figures weighed in on the matter, including Justin Sun, Brian Armstrong, and Changpeng Zhao, who denied the claims on Monday.
Binance Vs. Coinbase Listing Fee ControversyTwo of the world’s biggest centralized exchanges (CEXs), Binance and Coinbase, faced backlash over allegations of millionaire fee requirements for token listing. On Thursday, Moonrock Capital’s CEO, Simon Dedic, shared his concerns regarding some CEXs’ listing requirements.
In an X post, Dedic explained that he recently spoke to a Tier 1 project that raised nearly nine figures. The project’s team detailed that they received a listing offer from Binance after “wasting over a year of due diligence” with the exchange.
Nonetheless, the crypto exchange allegedly requested 15% of the token’s supply to secure the listing. Dedic expressed his concern about “paying $50-100M just for a CEX listing,” as it would be unaffordable for most projects, and the donated token supply is “the biggest reason for bleeding charts.”
Many community members discussed whether the listing fee requirement needed to change. One user argued that if a project wanted to be distributed in a CEX, they should “have to pay for it.”
However, controversy arose when Coinbase’s co-founder and CEO Brian Armstrong replied to Dedic’s X post. Armstrong seemingly took a jab at Binance by stating that asset listings on Coinbase were free.
Sonic Labs’ founder, Andre Cronje, refuted Armstrong’s claim and revealed that the exchange allegedly asked the company for a listing fee several times. Per the post, Coinbase requested up to $300 million from Sonic Labs, while Binance charged the project $0.
Backing Cronje, Tron’s founder Justin Sun shared a similar story. Sun declared that Coinbase’s claims were “simply not true,” as the CEX had required them to pay 500 million TRX, worth around $80 million, and “demanded a $250 million BTC deposit in Coinbase Custody to boost their performance.”
Sun’s remarks fueled the ongoing discussion, with many users questioning his claim. Others suggested that his experience with Binance might differ from other projects as the listing happened years ago.
Binance Co-Founders Deny The AllegationsOn Monday, Changpeng Zhao, also known as CZ, thanked Sun for his support. The former CEO noted the importance of the validation from someone who runs two competing exchanges. However, he expressed his concern about the “quote attacks” within the industry.
Zhao urged his peers to reduce these attacks and asked teams to work on their projects to secure a listing instead of focusing on the exchanges. Moreover, he highlighted that “Bitcoin never paid any listing fees.” Sun agreed with CZ, stating, “Focusing on building projects and Bitcoin is what truly matters.”
Yi He, co-founder and Chief Customer Service Officer at Binance, also denied the allegations, calling them FUD:
FUD will never go away, but it makes us stronger. Gossip is easy to get traffic, and business competition is always full of dark sides; When you understand the rules of how the world works, you will no longer be easily swayed by rumors, and you will have the ability to think independently.
She explained that a project won’t get listed if it doesn’t pass the screening process, and the exchange doesn’t charge a “so-called 20%” fee. Yi He also remarked that the exchange’s listing rules are “transparent and clear,” including the airdrop rules for Binance’s Launchpool. Ultimately, she urged the community to do their research when controversy sparks.
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