2024

when

Sonic

<ul>
 <li aria-level="1">Simon Dedic highlights excessive costs; Binance demands 15% of token supplies, costing projects up to $100 million.</li>
 <li aria-level="1">Binance defends its practices, ensures listing decisions are based on strict criteria, not financial incentives or offers.</li>
</ul>
The recent debate over the cost of cryptocurrency listings on centralized exchanges (CEXs) has highlighted significant concerns about financial barriers in the crypto market.&nbsp;
Simon Dedic, CEO of Moonrock Capital, recently disclosed that <a href="https://www.ethnews.com/binance-officially-enters-argentina-what-changes-for-users/" rel="noopener noreferrer nofollow">Binance</a> had requested 15% of a project’s total token supply to list a major project, equating to between $50 and $100 million. This incident underscores the challenges new tokens face when trying to enter established trading platforms.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 I recently spoke with a Tier 1 project that raised close to nine figures.
 After wasting over a year of due diligence with Binance, they finally received a listing offer.
 Binance asked for 15% of their total token supply.
 Imagine paying $50–$100M just for a CEX listing.
 Not…
 — Simon (@sjdedic) <a href="https://twitter.com/sjdedic/status/1852049944380932142?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 31, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&nbsp;
In response to these allegations, Binance’s co-founder, Yi He, asserted that their platform’s listing process is based solely on rigorous screening criteria, independent of financial considerations. Binance also noted that since 2018, all listing fees have been transparent and donated to charity, emphasizing their commitment to ethical practices.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/FUD?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FUD</a> If a project does not pass the screening process, it cannot be listed on Binance regardless of the amount of money or tokens involved. <a href="https://twitter.com/hashtag/DYOR?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DYOR</a> Binance has listed projects in the token distribution column, please analyze the percentage to know if there is a so-called 20%.… <a href="https://t.co/LYt3GU7PMT" rel="noopener noreferrer nofollow">https://t.co/LYt3GU7PMT</a>
 — Yi He (@heyibinance) <a href="https://twitter.com/heyibinance/status/1853103272715796668?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 3, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&nbsp;
The discussion extends to other platforms, such as Coinbase, where CEO <a href="https://www.ethnews.com/coinbase-outages-prompt-infrastructure-overhaul-ceo-armstrong-announces-capital-injection/" rel="noopener noreferrer nofollow">Brian Armstrong</a> denied the practice of charging for listings and promoted decentralized exchanges (DEXs) as a more accessible alternative.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Asset listings on Coinbase are free – drop us a note through our Asset Hub and we'll see if we can help<a href="https://t.co/Weoa8MhLeq" rel="noopener noreferrer nofollow">https://t.co/Weoa8MhLeq</a>
 And yes, DEXes are also a great option (which we support in our products). <a href="https://t.co/cjp0Avu4uC" rel="noopener noreferrer nofollow">https://t.co/cjp0Avu4uC</a>
 — Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1852768096056139922?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 2, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&nbsp;
Contrary to Armstrong’s statements, Andre Cronje of Sonic Labs indicated that <a href="https://www.ethnews.com/coinbase-under-fire-is-paper-bitcoin-the-next-big-scandal/" rel="noopener noreferrer nofollow">Coinbase</a> had proposed significant fees for <a href="https://www.binance.com/en/support/announcement/binance-listing-fee-update-360017664751" rel="noopener noreferrer nofollow">listings on their platform</a>, a claim echoed by other industry participants regarding both Binance and Coinbase.
These issues highlight the friction between CEXs and DEXs, with DEXs gaining favor for their lower costs and perceived fairness. The transparency of listing fees and the integrity of the approval process are central to this debate.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Binance charged us $0.
 Coinbase has asked us for; $300m, $50m, $30m, and more recently $60m.
 Lots of respect. But this is simply not true.
 — Andre Cronje (@AndreCronjeTech) <a href="https://twitter.com/AndreCronjeTech/status/1853035845999018291?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 3, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&nbsp;
The crypto community’s push for clearer and more equitable practices speaks to the broader need for transparency in the financial <a href="https://messari.io/exchanges" rel="noopener noreferrer nofollow">operations of CEX</a>.
As the industry evolves, this dialogue between developers, exchange operators, and regulators will likely shape the standards for listing and trading digital assets. 
The ongoing scrutiny of CEXs suggests a pivotal moment in the crypto market, emphasizing the necessity for practices that foster innovation and ensure broad market access.
The post <a href="https://www.ethnews.com/coinbases-ceo-brian-armstrong-claims-no-fees-for-listings-promoting-decentralized-exchanges-as-a-cost-effective-alternative/" rel="noopener noreferrer nofollow">Coinbase’s CEO Brian Armstrong claims no fees for listings, promoting decentralized exchanges as a cost-effective alternative</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Coinbase’s CEO Brian Armstrong claims no fees for listings, promoting decentralized exchanges as a cost-effective alternative

ETHNews

Other articles published on Nov 5, 2024

Enjin Coin Price Prediction 2024, 2025, 2030: Will ENJ Price Rise Again?

BNB Chain Announces Fifth BNB Incubation Alliance (BIA) Event at Devcon Bangkok (5 Nov)

KuCoin Lists Bitcoin-Native Stablecoin bitSmiley (SMILE) to its Spot Trading Platform

The Open Network (TON) Sees Surge in Financial Transactions, Shifting Focus Beyond Memecoins and ...

Wall Street’s election bets face high-stakes test as global economy holds its breath

Bitcoin Tipping Point + EFTs On The Rise

Join our free newsletter for daily crypto updates!