Binance co-founder Yi He is pushing back against claims that her crypto trading platform is asking for tokens in exchange for a listing.
Simon Dedic, the CEO of crypto investment firm Moonrock Capital, kicked off the discussion when he said on social media platform to be 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 to $100 million just for a CEX (centralized exchange) listing. Not only is this prohibitively expensive for projects, but these tokens are also the biggest reason for bleeding charts. Something has to change.”
Coinbase CEO Brian Armstrong at the time jumped in the discussion, claiming that asset listings on his exchange are free.
DeFi veteran Andre Cronje, co-founder of layer 1 project Sonic Labs, doubtful Armstrong’s claim.
“Binance charged us $0.
Coinbase has asked us for: $300 million, $50 million, $30 million, and most recently $60 million. Much respect. But this is simply not true.”
Tron (TRX) Justin Sun too made a backup Cronje and said he had 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 into Coinbase Custody to improve their performance.”
Yi He, who also works as Binance’s head of customer service, say projects that do not pass the exchange’s screening process cannot be listed “regardless of the amount of money or tokens involved.”
“Binance has projects listed in the token distribution column. 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 this does not mean that projects willing to airdrop can be listed on Binance. If you have 20% tokens and want to work with Binance for airdrops, welcome to work together with our web3 wallet.
FUD (fear, insecurity and doubt) will never go away, but it makes us stronger. Gossip is easy to come by and business competition is always full of darkness; When you understand the rules of how the world works, you will no longer be easily influenced 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.
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Generated image: Midjourney