Crypto Token Listings: Binance Demands $100M, While Coinbase is Free – Why?
Elena R4 Nov 20242 min read
For most cryptocurrency projects, getting listed on major exchanges is a key milestone and a sign of credibility. This exposure helps attract global investors and supports sustainable growth, similar to Bitcoin’s (BTC) long-term success.
Here’s a deep dive into what this all means AND why it’s important.
The Politics Behind Exchange Listings
Despite these benefits, the process of listing digital asset tokens has become highly politicized, largely due to fierce competition in the market.
Late last month, Simon from Moonrock Capital highlighted the challenges faced by a top crypto project trying to get listed on Binance. He reported that Binance requested 15 percent of the token’s total supply—valued between $50 million and $100 million—in exchange for listing rights.
Are Coinbase’s Claims True?
This news drew significant attention in the crypto community, especially as Coinbase tried to promote itself as a more welcoming option. Coinbase CEO Brian Armstrong claimed that listings on their platform are free for any crypto project that meets specific criteria.
However, the claims by Armstrong have been refuted by Andre Cronje, co-founder and architect, at Sonic Labs, and Justin Sun, founder of Tron network (TRX). The two noted that Binance did not charge them anything for listing their respective tokens, unlike Coinbase which requested millions of dollars.
“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,” Sun noted.
In light of the ongoing debate, Yi He, co-founder of Binance, urged the crypto community to ignore misinformation (often referred to as FUD) and focus on building a better industry. He emphasized that Binance conducts a thorough screening process for projects seeking listings.
DEXes Are the Future
The use of decentralized exchanges (DEXes) has skyrocketed in recent years, especially after the failures of FTX and WazirX. Current market data from CoinGecko shows that DEXes now handle a remarkable total daily trading volume of $5.34 billion, with Uniswap (UNI), Aerodrome, Orca, PancakeSwap (CAKE), and Raydium leading the way.
What’s your take on the politicization of token listings? Do you think it affects the market’s fairness? Share your thoughts.
