Binance co-founder Yi He refuted allegations of high fees on the exchange, highlighting their commitment to transparency.
Allegations of High Fees
CEO of Moonrock Capital shared an experience with a Tier 1 project which allegedly received a listing offer from Binance that included a 15% token supply requirement. This could cost projects between $50 million and $100 million, according to the CEO, making listings unaffordable and potentially leading to downward pressure on token prices.
Yi He Responds to Claims
Yi He responded by stating that the allegations are aimed at creating fear and doubt around Binance. She emphasized independent thinking and stated that all projects undergo rigorous screening before being listed, and those not meeting criteria won't be listed. She also highlighted Binance’s policy of transparent fees since 2018, where projects propose donation amounts to charity.
Support from Industry Leaders
Regarding the allegations, Coinbase CEO Brian Armstrong stated that asset listings on Coinbase are free. In response, André Cronje of Sonic Labs supported Yi He by claiming Binance charged $0 for his project's listing while Coinbase requested fees ranging from $30 million to $300 million. Tron founder Justin Sun also supported Cronje’s claims, stating Binance charged nothing for his project, unlike Coinbase, which requested significant deposits.
Despite the allegations, Binance continues to demonstrate their commitment to transparency, receiving support from notable figures in the industry.
