
Binance Listing Fee Allegations
Recent Binance’s listing fee allegations have sparked a significant debate. Moonrock Capital’s CEO alleged that Binance, the world’s largest cryptocurrency exchange, requires 15% of a project’s total token supply for a listing. These claims have prompted Binance co-founder and CEO, Yi He, to set the record straight on the exchange’s listing policies.
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) October 31, 2024
Binance CCEO Yi He Refutes Binance Listing Fee Allegations
Allegations from the CEO of Moonrock Capital, a crypto-native advisory and investment firm, suggested that Binance requested 15% of a prospective project’s total token supply to secure a listing on the exchange. This claim came in the wake of a Tier 1 project that had reportedly spent over a year in due diligence with Binance.
However, Yi He quickly addressed these accusations. She categorically denied that Binance requires any percentage of a project’s token supply for listing, explaining that since 2018, Binance has operated under a transparent listing policy.
#FUD If a project does not pass the screening process, it cannot be listed on Binance regardless of the amount of money or tokens involved.
#DYOR Binance has listed projects in the token distribution column, please analyze the percentage to know if there is a so-called 20%.… https://t.co/LYt3GU7PMT— Yi He (@heyibinance) November 3, 2024
Transparent Listing Policy Since 2018
Yi He clarified that Binance’s listing fees are neither fixed nor involve taking a cut of the project’s token supply. Instead, Binance asks projects to propose a “donation” amount as a listing fee, with 100% of the fees directed to charity.
This flexible approach allows projects of all sizes to approach listing without facing insurmountable financial hurdles.
Binance’s Rigorous Selection Process: Only 2% of Applications Receive Responses
Beyond listing fees, Yi He pointed out that Binance is highly selective when it comes to the projects listed on the platform. She mentioned that only 2% of listing applications receive a response from Binance, reflecting the exchange’s commitment to listing only credible, high-quality projects.
This strict selection process is designed to protect the integrity of the market and ensure that projects listed on Binance align with its standards of quality, security, and innovation.
Yi He Calls Out FUD (Fear, Uncertainty, and Doubt)
In her response, Yi He also called attention to the spread of FUD (Fear, Uncertainty, and Doubt) within the industry, noting that rumors and allegations often serve as a tactic to weaken competition. She remarked that such false information only makes Binance stronger, encouraging users to practice independent thinking and avoid falling prey to unverified claims.
“Gossip is easy to get traffic, and business competition is always full of dark sides,” Yi He wrote, suggesting that unfair competition practices are at play.
Broader Industry Debate: Coinbase Accusations Surface
The allegations against Binance have led to a broader industry discussion about the listing fee policies of centralized exchanges (CEXs). Following Moonrock Capital’s claims, Sonic Labs co-founder and developer Andre Cronje stepped forward to share his own experiences with both Binance and Coinbase.
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) November 3, 2024
Cronje supported Binance by stating that Binance charged his project $0 for listing, highlighting the transparency of Binance’s fee structure. In contrast, he accused Coinbase of charging exorbitant fees, ranging from $30 million to $300 million, to list projects on their platform. Cronje’s allegations against Coinbase underscore the varying approaches taken by major exchanges when it comes to listing policies.
Justin Sun Backs Cronje’s Claims
Justin Sun, founder of Tron, also entered the debate, backing Andre Cronje’s claims. Sun shared his experience, stating that Binance had charged him nothing for listing, whereas Coinbase had required significant financial commitments. These allegations have intensified discussions about the practices of centralized exchanges and how their listing policies impact the broader cryptocurrency ecosystem.
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. https://t.co/faEgtGLLhW
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 4, 2024
Key Takeaways from the Binance Listing Fee Controversy
- No 15% Token Supply Requirement: Binance CEO Yi He has firmly denied the claim that Binance requires 15% of a project’s token supply for listing.
- Transparent Fees Since 2018: Binance’s listing policy allows projects to propose a donation amount for listing, with 100% of the fees donated to charity.
- Selective Process: Binance’s rigorous screening means only 2% of applications are responded to, ensuring the quality of projects listed on the exchange.
- Broader Industry Debate: Accusations against Coinbase suggest other exchanges may have far steeper listing fees, raising concerns about fairness in the market.
Conclusion
Binance listing fee allegations have sparked significant debate within the cryptocurrency industry. While Moonrock Capital’s CEO claimed that Binance demanded 15% of a project’s token supply for a listing, Binance’s CEO Yi He has refuted these claims, clarifying the company’s transparent and charitable fee structure that has been in place since 2018. She emphasized that Binance’s selection process is highly selective, responding to only 2% of listing applications to maintain quality. The controversy has also drawn attention to other exchanges, particularly Coinbase, which has been accused of charging exorbitant fees, fueling a broader discussion on fairness and transparency in the industry.