As a seasoned crypto investor with years of experience navigating the tumultuous waters of digital assets, I find myself both intrigued and skeptical by the recent allegations leveled against Binance and other prominent exchanges regarding their listing fees.
Yi He, one of the co-founders of Binance, has addressed recent discussions concerning listing charges on the platform, emphasizing that their operations are based on clear and open policies for the benefit of the community.
The address came in response to allegations by Moonrock Capital CEO Simon Dedic of costly listing fees on Binance.
Binance Accused of Charging Exorbitant Fees for Crypto Listing
On October 31st, I shared on X platform that Binance allegedly asked for a 15% share of a project’s token supply in exchange for a listing. To illustrate this point, I mentioned an undisclosed top-tier project that managed to raise close to a billion dollars. The cryptocurrency exchange reportedly made them an offer for a listing, which required them to hand over between $50 million and $100 million as part of the service provided.
Moreover, Dedic stated that the proposal for listing was presented towards the conclusion of a thorough investigation lasting over a year. This statement initiated discussion, with certain analysts like Mat Milbury suggesting that such requirements could potentially harm projects instead of helping them.
On the other hand, critics of Binance were met with rebuttals from its supporters. Co-founder He clarified that Binance’s process for listing assets emphasizes thorough vetting, focusing on the quality of associated projects rather than the size of their funds.
Even if a project has significant financial resources or token holdings, it won’t be available for listing on Binance unless it successfully clears the selection procedure.
Ignoring the claims as baseless fear-induced speculation, often referred to within cryptocurrency communities as FUD (Fear, Uncertainty, and Doubt), Yi encouraged fellow community members to investigate Binance’s token listing details independently to determine if a 20% requirement for tokens, as asserted by Dedic, is accurate.
Furthermore, she emphasized that the procedures for listing fees and token distribution within her organization are explicitly outlined, ensuring a safeguard for both the initiatives and the users on our platform.
A supporter of another cryptocurrency exchange emphasized this idea again, arguing that the listing charges on Binance are designed to keep “valueless” tokens away from investors who might unwittingly invest in them. This underscores the importance of Binance’s strict criteria for listing, which helps preserve a reliable and trustworthy platform environment.
What About Coinbase?
Brian Armstrong, CEO of Coinbase, joined the discussion by advocating for the Coinbase Asset Hub, emphasizing that projects could potentially list their assets on this platform free of charge.
Andre Cronje, a co-founder of Sonic Labs, challenged Armstrong’s statement. As a multiple business creator, Cronje argued that unlike Binance, which didn’t charge his projects for listing, Coinbase reportedly demanded substantial fees, such as $300 million, $50 million, $30 million, and more recently, $60 million.
Additionally, Tron’s Justin Sun echoed Cronje’s sentiments, further emphasizing his point. The newly appointed leader of the self-declared micronation Liberland, much like Coinbase, encountered a similar predicament. They alleged that an amount of $250 million in Bitcoin (BTC) and $80 million in TRX were requested by the platform to improve their performance indicators. In stark contrast, Sun asserted that Binance did not charge them for the same service.
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2024-11-05 09:09