Sonic

Sonic (prev. FTM)

Binance co-founder Yi He&nbsp;<a style="text-decoration:none" href="https://x.com/heyibinance/status/1853103272715796668">refuted</a> 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.
<h2 dir="ltr" id="span-span-allegations-of-high-fees-span-span">Allegations of High Fees</h2>
The CEO of Moonrock Capital recently&nbsp;<a style="text-decoration:none" href="https://x.com/sjdedic/status/1852049944380932142">shared</a> 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.&nbsp;
&nbsp;
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.
&nbsp;
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.
<h2 dir="ltr" id="span-span-yi-he-responds-to-claims-span-span">Yi He Responds to Claims</h2>
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."
<blockquote>
 “Gossip is easy to get traffic, and business competition is always full of dark sides,” Yi&nbsp;wrote.&nbsp;
</blockquote>
She emphasized the importance of independent thinking, advising others not to be swayed by unverified claims.&nbsp;
&nbsp;
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.
&nbsp;
Worth noting, Binance has maintained a&nbsp;<a style="text-decoration:none" href="https://www.binance.com/en/support/announcement/binance-listing-fee-update-360017664751">policy</a> 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.
<h2 dir="ltr" id="span-span-support-from-industry-leaders-span-span">Support from Industry Leaders</h2>
In regards to the allegations, Coinbase CEO Brian Armstrong&nbsp;<a style="text-decoration:none" href="https://x.com/brian_armstrong/status/1852768096056139922">commented</a>:
<blockquote>
 “Asset listings on Coinbase are free—drop us a note through our Asset Hub, and we’ll see if we can help.”&nbsp;
</blockquote>
However, as a response, Andre Cronje, co-founder of Sonic Labs, publicly&nbsp;<a style="text-decoration:none" href="https://x.com/AndreCronjeTech/status/1853035845999018291">supported</a> 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.
&nbsp;
Similarly, Tron founder Justin Sun&nbsp;<a style="text-decoration:none" href="https://x.com/justinsuntron/status/1853316792329879654">supported</a> Cronje's claims, sharing his own experience of zero charges from Binance while alleging that Coinbase required significant deposits for performance boosts.
<div>
 <blockquote class="twitter-tweet">
 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.— H.E. Justin Sun🌞(hiring) (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1853316792329879654?ref_src=twsrc%5Etfw">November 4, 2024</a>
 </blockquote> 
</div>

Binance Co-Founder Yi He Denies Claims of High Listing Fees on the Exchange

Table of Contents

BSCN

Other articles published on Nov 6, 2024

Canary Capital Files for a Spot Solana ETF in the U.S.

US Presidential Election 2024 Results: Odds of Donald Trump Winning Explode on Polymarket

Donald Trump Wins 2024 US Election: Crypto Voters Play a Key Role in Victory

Massive XRP Transfer Sparks Speculation: $1.6 Billion Moved

Ethereum Founder Vitalik Buterin Lost Thousands of Dollars on This Altcoin Investment! Here Are t...

MicroStrategy's Saylor Says US Needs Bitcoin Reserve as BTC Price Reaches New ATH

Join our free newsletter for daily crypto updates!