2024

Sonic

TRON

<p class="is-style-lead">Justin Sun, the founder of TRON, recently countered claims by Coinbase CEO Brian Armstrong, who asserted that Coinbase provides free listings for assets.&nbsp;</p> 
<p>Sun shared that his experience with Coinbase involved financial demands, contrary to recent public statements from the Coinbase CEO.&nbsp;</p> 
<p>According to the TRON (<a href="https://crypto.news/price/tron/" target="_blank">TRX</a>) founder, Coinbase allegedly requested a 500 million TRX payment, worth roughly $80 million, for listing the network’s native token. However, he stressed that Binance charged nothing for listing the asset on its platform.</p> 
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<p>Additionally, the TRON founder claimed Coinbase asked for a $250 million Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) deposit in <a href="https://crypto.news/blackrock-nears-bitcoin-etf-filing-partnering-with-coinbase-custody/" target="_blank">Coinbase Custody</a>, to enhance the platform’s liquidity. While Sun maintained that he respected the exchange, he insisted that Coinbase’s listing process was far from cost-free.&nbsp;</p> 
<p>Sun’s remarks were backed by Andre Cronje, co-founder of Sonic Labs, who also highlighted experiences with Coinbase’s listing practices.&nbsp;</p> 
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   <p lang="en" dir="ltr">Binance charged us $0.<br><br>Coinbase has asked us for; $300m, $50m, $30m, and more recently $60m.<br><br>Lots of respect. But this is simply not true.</p>— Andre Cronje (@AndreCronjeTech) <a href="https://twitter.com/AndreCronjeTech/status/1853035845999018291?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 3, 2024</a>
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<p> You might also like: <a rel="" href="https://crypto.news/with-the-us-election-only-a-day-away-trump-harris-getting-closer-on-polymarket/"> With the US election only a day away, Trump, Harris getting closer on Polymarket </a> </p> 
<p>Cronje noted that <a href="https://crypto.news/coinbase-stock-coin-a-buy-despite-q3-revenue-miss-analyst-says/" target="_blank">Coinbase</a> had approached his teams with requests for various amounts ranging from $30 million to $300 million.&nbsp;</p> 
<p>This discussion gained steam after Simon Dedic, CEO of Moonrock Capital, first highlighted the issue. Dedic shared his frustration with the cost of securing a listing on Binance, detailing a recent case where Binance allegedly requested 15% of a project’s total token supply.&nbsp;</p> 
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   <p lang="en" dir="ltr">I recently spoke with a Tier 1 project that raised close to nine figures.<br><br>After wasting over a year of due diligence with Binance, they finally received a listing offer. <br><br>Binance asked for 15% of their total token supply.<br><br>Imagine paying $50–$100M just for a CEX listing.<br><br>Not…</p>— Simon (@sjdedic) <a href="https://twitter.com/sjdedic/status/1852049944380932142?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 31, 2024</a>
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<p>For some projects, this demand could equate to an amount between $50 million and $100 million. Dedic described this coast as unaffordable and detrimental to the projects’ financial health.&nbsp;</p> 
<p>He argued that such high fees contribute to market volatility and liquidity issues, especially for emerging projects.</p> 
<p>Armstrong had seized the opportunity to present Coinbase’s alternative approach, stating that the exchange does not charge for <a href="https://crypto.news/degen-price-surges-after-coinbase-listing-but-gains-could-be-brief/" target="_blank">asset listings</a>. However, the revelations from Sun and Cronje aimed to debunk this statement.</p> 
<p>Meanwhile, Luke Youngblood, a former Coinbase Cloud Engineer, challenged Sun’s and Cronje’s claims, emphasizing that Coinbase has never charged fees for listings.&nbsp;</p> 
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<p>Youngblood suggested that they may have encountered scammers impersonating Coinbase agents, which is a growing concern in the crypto industry.</p> 
<p> Read more: <a rel="" href="https://crypto.news/kraken-unveils-broker-offering-in-australia-for-institutions/"> Kraken unveils broker offering in Australia for institutions </a> </p>

Coinbase CEO’s ‘free listing’ claims face backlash from Justin Sun, Andre Cronje

crypto.news

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