Justin Sun, the founder of TRON, recently raised concerns about Coinbase’s alleged listing fees for cryptocurrency projects. Sun claims that the prominent U.S. crypto exchange asked him to pay 500 million TRX tokens valued at approximately $80 million for a listing on the platform.
This accusation comes shortly after Coinbase CEO Brian Armstrong publicly stated that the exchange does not charge fees for listing assets and even extended support to Moonrock Capital CEO Simon Dedic, who criticized the listing practices of major exchanges.
Coinbase and Binance face accusations of high demands
Simon Dedic, co-founder of Moonrock Capital, previously shared his own experience with high listing demands from top exchanges. Dedic reported that after a year-long due diligence process with Binance, a leading exchange by trading volume, the platform asked his project to provide 15% of its token supply to secure a listing. According to Dedic, these high costs, ranging from $50 million to $100 million, could be more sustainable for projects and contribute to market instability. While Armstrong used Dedic’s remarks to reiterate Coinbase’s stance on free listings, the claims from Justin Sun and other industry figures cast doubt on this assertion.
Andre Cronje adds to the allegations against coinbase
Andre Cronje, a prominent figure in the decentralized finance space, supported Sun’s claims by detailing his interactions with Coinbase. Cronje stated that his projects faced multiple fee requests from Coinbase over the years, including figures as high as $300 million, $50 million, and $60 million. He disputed Armstrong’s statement on free listings and offered to publicly release proof of these requests, which he says were communicated through email, Telegram, and Slack by Coinbase employees. While Cronje acknowledged that Coinbase might label these payments as “earn fees” rather than “listing fees,” he argued that they still represent a financial barrier to getting listed.
I am not under NDA, so I am very happy to provide proof of the requests (from multiple CB employees / divisions over multiple years, on email, telegram, and slack), now sure, CB can argue it isn't a "listing fee", but it is a "earn fee" which still translates into "cost to be…
— Andre Cronje (@AndreCronjeTech) November 3, 2024
Binance Co-founder responds to the listing fee controversy
Yi He, co-founder of Binance, addressed the listing fee controversy and defended Binance’s practices. She clarified that projects must pass a rigorous screening process before being listed, regardless of any financial offers. She pointed out that Binance’s token distribution and airdrop rules are transparent and visible, encouraging users to clarify the percentage breakdowns. Yi dismissed the notion that projects can pay for a Binance listing, emphasizing that the exchange’s priority is quality rather than monetary contributions. She also commended Andre Cronje for speaking openly about the issue.
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