Coinbase Listing Fees Contradict CEO Brian Armstrong's Public Statement, Justin Sun and Andre Cronje Allege
- Patricia ArquetteOriginal
- 2024-11-05 00:30:11538browse
Tron founder Justin Sun and Fantom Network founder Andre Cronje asserted that Binance did not charge fees for listing their tokens.
Tron founder Justin Sun and Fantom Network founder Andre Cronje have asserted that Binance did not charge fees for listing their tokens, while Coinbase requested millions of dollars for similar services. This assertion contradicts Coinbase CEO Brian Armstrong’s public statement that listings are free.
The controversy began when Moonrock Capital CEO Simon Dedic posted on Twitter about his frustrations with the practices of crypto exchanges, particularly Binance. Dedic claimed that projects seeking to list on Binance faced a year of due diligence and were asked for a substantial portion of their total token supply as a listing fee.
"Not only is this unaffordable for projects, but these tokens are also the biggest reason for bleeding charts," Dedic said.
In response to Dedic's post, Armstrong stated that "asset listings on Coinbase are free," inviting projects to apply through their Asset Hub. However, Cronje commented on Armstrong's post, revealing a contrasting experience. According to Cronje, Coinbase approached his project, Fantom, with requests for listing fees ranging from $30 million to $300 million, with a recent quote being $60 million.
Sun corroborated Cronje's assertions, disclosing that Coinbase requested 500 million TRX (around $80 million) to list TRON on its platform. Additionally, Sun mentioned that Coinbase required a $250 million Bitcoin deposit to be held in custody to enhance liquidity.
However, He Yi, co-founder of Binance, clarified that not all projects can secure a listing simply by paying a fee. According to Yi, if a project fails to pass the exchange's rigorous review process, it will not be listed on Binance, regardless of the financial offer or percentage of tokens provided.
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