4 weeks ago
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Justin Sun has entered the ongoing controversy around crypto exchange listing fees, sparked by a tweet from Moonrock Capital CEO Simon.
Simon initially alleged that Binance had required a 20% token supply (equivalent to $50 million to $100 million) as a listing condition, leading to a wave of responses. Some defended Binance, while Coinbase CEO Brian Armstrong promoted Coinbase as listing tokens with zero dollar charge fee.
Andre Cronje added to the debate, asserting that Coinbase had asked for significant token value to list tokens on the Coinbase exchange.
Now, Justin Sun claims that while Binance charged no fees for listing, Coinbase requested a 500 million TRX token deposit (worth $80 million) and an additional $250 million in BTC as a custody deposit.
Binance charged us $0.
Coinbase required us to pay 500 million TRX (worth $80 million) and demanded a $250 million BTC deposit in Coinbase Custody to boost their performance.
Lots of respect. But this is simply not true. https://t.co/faEgtGLLhW
Former Binance CEO Changpeng Zhao (CZ) thanked Sun for verifying Binance’s fee-free listing and advised projects to focus on development rather than paying for exchange listings, citing Bitcoin’s organic growth without listing fees as an example.
Absolutely agree! Focusing on building projects and Bitcoin is what truly matters. Lots of respect for the mind behind running an excellent exchange as well. Peace and love! ❤️
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 4, 2024This controversy sheds light on differing approaches to listing fees, with Binance allegedly open to listing tokens at no cost, while Coinbase reportedly imposes indirect fees. Some speculate that Binance’s token requirements may be for airdrops to benefit users, suggesting that exchanges should avoid additional charges that don’t directly support liquidity.
Here, people need to understand that almost every exchange charges a substantial amount to list a token, which is used by the exchange to provide liquidity for that token on the platform. Notably, many crypto exchanges charge very high listing fees in addition to the required liquidity funds. These practices are well-known among crypto project teams, who often face significant challenges when trying to list their tokens on different exchanges.
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