Binance Founder CZ Responds To $100 Million Listing Fee Controversy

As a seasoned crypto investor with over a decade of experience in this volatile market, I have seen it all – from the meteoric rise and fall of Bitcoin to the birth and death of countless altcoins. The recent Binance vs. Coinbase listing fee controversy has caught my attention, not just because it’s another chapter in this ongoing saga, but also due to its implications for the broader crypto ecosystem.


Over the course of the weekend, Binance and Coinbase faced allegations that they were charging excessive fees for token listings, sparking a debate about listing criteria, competition between exchanges, and fear, uncertainty, and doubt. Notable figures within the industry offered their thoughts on the issue, with Justin Sun, Brian Armstrong, and Changpeng Zhao among them. On Monday, they all refuted the accusations.

Binance Vs. Coinbase Listing Fee Controversy

Two prominent global exchange platforms, Binance and Coinbase, have been criticized due to accusations that they impose substantial fees for the listing of tokens, especially for millionaires. On a recent day, the CEO of Moonrock Capital, Simon Dedic, voiced his reservations about certain exchanges’ requirements for token listings.

In a recent post on X, Dedic shared an update about his conversation with a high-profile project that came close to reaching a nine-digit figure. The team mentioned they had been in discussions with Binance for more than a year, eventually receiving a listing offer after what seemed like a lengthy period of verification and review.

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.”

Binance Founder CZ Responds To $100 Million Listing Fee Controversy

Among the community, there was much debate about whether the current listing fee might need adjustment. One participant suggested that if a project aims to be listed on a Centralized Exchange (CEX), they should expect to cover the associated costs.

Nevertheless, disputes emerged following Brian Armstrong’s response to Dedic’s X post as the CEO of Coinbase’s co-founder appeared to make a pointed remark towards Binance. Armstrong suggested that listing assets on Coinbase is done gratis.

In response to Armstrong’s assertion, Andre Cronje, founder of Sonic Labs, countered by disclosing that the exchange had repeatedly asked for a listing fee from their company. According to the post, Coinbase sought as much as $300 million from Sonic Labs, while Binance reportedly charged no fee for the project.

In response to statements made by Cronje, Justin Sun, the founder of Tron, shared a comparable account. Sun asserted that Coinbase’s declarations were “completely false,” as they had been instructed to pay 500 million TRX, approximately $80 million, and “demanded a $250 million BTC deposit in Coinbase Custody to enhance their performance.

Sun’s comments ignited further debate among users, as many found themselves challenging his assertion. Some countered by proposing that his interaction with Binance could be distinct from other projects, given that the listing took place quite some time back.

Binance Co-Founders Deny The Allegations

On Monday, I found myself appreciative of Sun’s backing, acknowledged by none other than Changpeng Zhao, or CZ. As a crypto investor, I recognized the significance of endorsement from someone steering two rival platforms in our competitive landscape. Yet, CZ voiced his worries over the “quote manipulations” that seem to be a growing concern within our industry.

Binance Founder CZ Responds To $100 Million Listing Fee Controversy

Zhao encouraged his colleagues to minimize these attacks and requested teams to prioritize their projects for a potential listing over concentrating on exchanges. Additionally, he emphasized that “Bitcoin has never paid any listing fees.” Sun concurred with CZ, stating, “It’s the development of projects and Bitcoin that truly holds significance.

In response to the accusations, Yi He, the co-founder and head of customer service at Binance, dismissed them as fear, uncertainty, and doubt (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.

Binance Founder CZ Responds To $100 Million Listing Fee Controversy

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2024-11-05 07:42