Binance Listing Fees Are Causing Fierce Controversy In The Community
Key Points:
- The crypto community is in a heated debate over Binance listing fees and the exchange’s practices.
- Coinbase CEO Brian Armstrong has been vocal in his criticism of Binance but was later accused by Andre Cronje of charging exorbitant fees to projects.
The X community for the cryptocurrency has continued with heated debates on Binance listing fees and some of the alleged ethical issues surrounding an exchange.
Read more: Top New and Upcoming Binance Listings in 2024
Heated Debate Over Binance Listing Fees
It all came to light on Sunday when Simon Dedic, the chief executive of Moonrock Capital, announced on his X feed a recent experience that occurred with one of the major projects hoping for a Binance listing.
He noted that when it got to the point after one year of waiting, the project brought upon an unexpected condition: he said Binance asked for 15% of the total token supply of the project as the Binance listing fee. Since Dedic dropped this bombshell, a flurry of outrage has struck, with some members from within questioning the morality behind such high-pressure demands.
Adding to the row, Coinbase CEO Brian Armstrong further fanned the post by Dedic, seemingly in solidarity, while subtly pontificating at Coinbase as an alternative.
But this solidarity was all it took for more accusations when Andre Cronje, one of the important developers behind Sonic, shot back that Coinbase had similarly asked his project for exorbitant fees. According to Cronje, Coinbase had demanded 500 million TRX tokens, or roughly $80 million at the time, in addition to a $250 million Bitcoin deposit. That suggests the exchange attempted to use financial leverage to manipulate token performance.
The argument finally took another turn when TRON founder Justin Sun jumped into the arena, coming to the defence of Binance and declaring the exchange never charged him listing fees. His comments were in complete contrast to the accusations Coinbase faced.
CEXs in Question with New Scroll Listing
In the meantime, Conflux’s co-founder Forgiven has revealed that though Binance did not request a listing fee for Conflux’s coin, CFX, it imposed a penalty on poor market performance of the latter and thus reduced the project’s deposit of 150,000 BUSD to zero. In addition to the deposit, Conflux was asked to provide a security deposit of 5 million CFX which Binance later returned.
The case of the Binance listing fee has been particularly highlighted by the listing of Scroll, a layer-2 blockchain project, on the mainnet last week despite very serious fraud allegations connecting to its very launch. To many observers, the partnership between Scroll and Binance runs against the tenets of decentralization it preaches.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Binance Listing Fees Are Causing Fierce Controversy In The Community
Key Points:
- The crypto community is in a heated debate over Binance listing fees and the exchange’s practices.
- Coinbase CEO Brian Armstrong has been vocal in his criticism of Binance but was later accused by Andre Cronje of charging exorbitant fees to projects.
The X community for the cryptocurrency has continued with heated debates on Binance listing fees and some of the alleged ethical issues surrounding an exchange.
Read more: Top New and Upcoming Binance Listings in 2024
Heated Debate Over Binance Listing Fees
It all came to light on Sunday when Simon Dedic, the chief executive of Moonrock Capital, announced on his X feed a recent experience that occurred with one of the major projects hoping for a Binance listing.
He noted that when it got to the point after one year of waiting, the project brought upon an unexpected condition: he said Binance asked for 15% of the total token supply of the project as the Binance listing fee. Since Dedic dropped this bombshell, a flurry of outrage has struck, with some members from within questioning the morality behind such high-pressure demands.
Adding to the row, Coinbase CEO Brian Armstrong further fanned the post by Dedic, seemingly in solidarity, while subtly pontificating at Coinbase as an alternative.
But this solidarity was all it took for more accusations when Andre Cronje, one of the important developers behind Sonic, shot back that Coinbase had similarly asked his project for exorbitant fees. According to Cronje, Coinbase had demanded 500 million TRX tokens, or roughly $80 million at the time, in addition to a $250 million Bitcoin deposit. That suggests the exchange attempted to use financial leverage to manipulate token performance.
The argument finally took another turn when TRON founder Justin Sun jumped into the arena, coming to the defence of Binance and declaring the exchange never charged him listing fees. His comments were in complete contrast to the accusations Coinbase faced.
CEXs in Question with New Scroll Listing
In the meantime, Conflux’s co-founder Forgiven has revealed that though Binance did not request a listing fee for Conflux’s coin, CFX, it imposed a penalty on poor market performance of the latter and thus reduced the project’s deposit of 150,000 BUSD to zero. In addition to the deposit, Conflux was asked to provide a security deposit of 5 million CFX which Binance later returned.
The case of the Binance listing fee has been particularly highlighted by the listing of Scroll, a layer-2 blockchain project, on the mainnet last week despite very serious fraud allegations connecting to its very launch. To many observers, the partnership between Scroll and Binance runs against the tenets of decentralization it preaches.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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