Binance co-founder Yi He is pushing back against claims that her crypto trading platform asks for tokens in exchange for listing.
Simon Dedic, the chief executive of the crypto investment firm Moonrock Capital, kicked off the argument when he said on the social media platform X last week that he’d recently talked with a “Tier 1 project that raised close to nine figures” and was trying to get listed on Binance.
“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–$100 million just for a CEX (centralized exchange) listing. Not only is this unaffordable for projects, but these tokens are also the biggest reason for bleeding charts. Something has to change.”
Coinbase CEO Brian Armstrong then jumped into the discussion, claiming that asset listings on his exchange are free.
However, DeFi veteran Andre Cronje, the co-founder of the layer-1 project Sonic Labs, disputed Armstrong’s assertion.
“Binance charged us $0.
Coinbase has asked us for: $300 million, $50 million, $30 million, and more recently $60 million. Lots of respect. But this is simply not true.”
Tron (TRX) Justin Sun also backed up Cronje and said he experienced the same situation.
“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.”
Yi He, who also works as Binance’s chief of customer service, says projects that don’t pass the exchange’s screening process can’t be listed “regardless of the amount of money or tokens involved.”
“Binance has listed projects in the token distribution column, please analyze the percentage to know if there is a so-called 20%.
The airdrop rules for Binance’s Launchpool and other listings are transparent and clear, but it does not mean that projects that are willing to give airdrops can be listed on Binance, if you have 20% tokens and want to cooperate with Binance for airdrops, welcome to cooperate with our web3 wallet.
FUD (fear, uncertainty and doubt) will never go away, but it makes us stronger. Gossip is easy to get traffic, and business competition is always full of dark sides; When you understand the rules of how the world works, you will no longer be easily swayed by rumors, and you will have the ability to think independently.”
In 2018, Binance announced that it would make listing fees voluntary and transparent and donate 100% of them to charity.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Binance Co-Founder Dispels Rumors That Crypto Exchange Asks for Tokens Prior to Listing appeared first on The Daily Hodl.
