WEB3
by Soumen Datta
November 4, 2024
Yi emphasized Binance's commitment to transparency and rigorous screening for listings, stating that projects must meet strict criteria regardless of any propose
Binance co-founder Yi He refuted claims made by the CEO of Moonrock Capital regarding high listing fees on the popular cryptocurrency exchange.
The allegations suggested that Binance requires up to 15% of a project's total token supply for a listing, which some view as a significant barrier for new projects seeking to enter the market.
The CEO of Moonrock Capital recently shared an experience with a Tier 1 project that had spent over a year in due diligence with Binance. After this extensive process, the project allegedly received a listing offer that included a request for 15% of its total token supply.
The CEO emphasized the financial burden this demand placed on projects, noting that it could cost between $50 million and $100 million just for a centralized exchange (CEX) listing.
Such high fees, the CEO argued, not only make listings unaffordable but could also lead to downward pressure on token prices, affecting the overall market negatively. “Something has to change,” he stated.
In response to these allegations, Yi He took to X (formerly Twitter) on November 3, asserting that the claims were part of a strategy to create fear, uncertainty, and doubt (FUD) surrounding Binance. She stated that while such rumors may circulate, they ultimately serve to strengthen the exchange amid what she termed "unfair competition practices."
“Gossip is easy to get traffic, and business competition is always full of dark sides,” Yi wrote.
She emphasized the importance of independent thinking, advising others not to be swayed by unverified claims.
Moreover, Yi reiterated Binance's commitment to transparency, stating that any project that does not pass a rigorous screening process will not be listed on the platform. Those interested in airdrop campaigns can collaborate with Binance's Web3 wallet, but automatic listings cannot be expected.
Worth noting, Binance has maintained a policy of transparent fees since 2018. Projects seeking a listing are encouraged to propose a “donation” amount, which is directed entirely to charity. Per reports, Binance does not impose minimum fees, allowing projects to determine their own contributions.
In regards to the allegations, Coinbase CEO Brian Armstrong commented:
“Asset listings on Coinbase are free—drop us a note through our Asset Hub, and we’ll see if we can help.”
However, as a response, Andre Cronje, co-founder of Sonic Labs, publicly supported Yi He, claiming that Binance charged $0 for his project's token listing. In contrast, he suggested that rival exchange Coinbase had requested listings fees that ranged from $30 million to $300 million, raising questions about the listing practices of centralized exchanges.
Similarly, Tron founder Justin Sun supported Cronje's claims, sharing his own experience of zero charges from Binance while alleging that Coinbase required significant deposits for performance boosts.
Binance charged us $0.
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 4, 2024
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.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Author
Soumen Datta
Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.
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