After the CEO of Moonrock Capital — a consulting and investment firm specializing in cryptocurrency — alleged that Binance required 15% of the total Token supply of an unnamed potential project to ensure listing on the centralized exchange, Binance co-founder Yi He responded by denying the allegations and clarifying Binance's listing policy.
According to her, the company does not charge a percentage of the Tokens from new projects for listing or a fixed fee. Since 2018, Binance's listing policy has stated that all listing fees will be 'transparent' and 100% of the fees will be donated to charity. This policy specifies:
'Project teams can still propose the amount they wish to offer for a 'listing fee,' now referred to as a 'donation.' Binance will not provide a figure, nor will there be any minimum listing fee.
Accusations from the CEO of Moonrock have sparked a debate about the listing fee policies of centralized exchanges — and prompted Sonic co-founder and developer Andre Cronje to join the debate and make similar accusations against Coinbase.
Accusations from the CEO of Moonrock. Source: Simon
Centralized exchanges are losing ground to decentralized platforms
In September 2024, centralized exchanges recorded a significant decrease in trading volume. According to CCData, Binance's spot trading volume dropped by 23%, with other major exchanges like OKX, HTX, Coinbase, Kraken, and Bybit also experiencing declines of 20% to 30%.
Explanations for the decline in trading volume include increased geopolitical tensions, investor uncertainty due to the upcoming 2024 US elections, and an increase in trading volume on decentralized exchanges.
Binance announced the listing of Scroll — a Layer-2 scaling solution for Ethereum — on October 11. The decision to list this project on Binance has drawn criticism from the cryptocurrency community, who argue that this listing threatens the decentralization spirit of Scroll.
Following the listing announcement, a user named Zeng Jiajun called on the community to 'Imagine Vitalik Buterin paying 5.5% to OKX' to list Ether (ETH) on the exchange — an argument against centralized exchanges demanding high listing fees or a percentage of the total Token supply of new projects to have the privilege of listing new digital assets.
Stay tuned for updates.
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