As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the evolution of the digital asset market from its infancy to its current maturity. The recent exchange between Justin Sun and CZ, prominent figures in the crypto space, sheds light on an issue that has long been a topic of debate among industry participants – listing fees charged by cryptocurrency exchanges.
In response to a recent tweet by Justin Sun regarding the fees for listing his cryptocurrencies on both Binance and Coinbase, Changpeng Zhao (CZ), one of Binance’s co-founders and former CEO, has weighed in.
Sun and CZ, two individuals with a long-standing relationship, having collaborated on multiple ventures, assert that Binance does not charge any fees for listing, unlike other cryptocurrency exchanges that demand substantial listing fees. However, some members within the broader crypto community dispute this claim.
Justin Sun reveals huge fee charged by Coinbase for listing TRX
Justin Sun, creator of the Tron blockchain network, has recently taken ownership of not one but two significant decentralized crypto trading platforms – Huobi and Poloniex. In response to various tweets suggesting high fees levied by Binance for adding new tokens to its exchange, Sun shared his thoughts.
Specifically, a “top-level initiative” referenced in the tweets claims that the Binance team is reportedly taking 15% of the token’s total supply, valued between $50 million and $100 million, whereas Coinbase listed the token without any charges.
Justin Sun offered insights into his past encounters with Binance and Coinbase when attempting to list his TRX tokens. He noted these events likely occurred between 2017-2018. The ex-CEO of the Tron Foundation explained that Binance did not charge them any money or cryptocurrency, whereas Coinbase requested a payment of approximately 500 million TRX (equivalent to around $80 million at the time) and also insisted on a $250 million BTC deposit in Coinbase Custody as a means to enhance their performance.
Binance did not charge us anything.
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 4, 2024
CZ makes statement on CEX listing fees
Sun’s reaction came in response to a tweet from Coinbase CEO Brian Armstrong, who said that listing assets on Coinbase is free, and encouraged potential partners to reach out via the Asset Hub for possible assistance.
Sun concluded his tweet by addressing Armstrong: “Lots of respect. But this is simply not true.”
Cz expressed gratitude towards Sun for the assistance and acknowledged the endorsement coming from an individual managing two rival cryptocurrency trading platforms. Previously leading Binance, he proposed that it would be beneficial for such exchange platforms to work towards minimizing instances of “price manipulation incidents” within the digital currency sector.
Appreciate your backing, even coming from an individual overseeing two rival trading platforms. Let’s strive to minimize such “price-related criticisms” within our sector.
— CZ 🔶 BNB (@cz_binance) November 4, 2024
He added that “Bitcoin never paid any listing fees” and that teams should improve their projects so that they are listed easily.
Andre Cronje, the founder of Sonic Labs, mentioned in a tweet that Binance did not charge them any fee. On the other hand, Coinbase has requested various amounts from them, including $300 million, $50 million, $30 million, and most recently $60 million.
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2024-11-04 14:58