Binance co-founder Yi He responded to claims by Moonrock Capital's CEO regarding high listing fees on the popular exchange.
Allegations of High Fees
The CEO of Moonrock Capital shared an experience with a Tier 1 project undergoing extensive due diligence with Binance. After this process, the project received a listing offer requesting 15% of its total token supply. The CEO emphasized the financial burden, indicating costs could range from $50 million to $100 million for a CEX listing. Such fees make listings unaffordable and may depress token prices, negatively impacting the market. 'Something has to change,' he stated.
Yi He Responds
Yi He disputed these claims, suggesting they aim to stir fear, uncertainty, and doubt (FUD) around Binance. She remarked these rumors only strengthen the exchange amid what she called 'unfair competition practices.' 'Gossip is easy to get traffic, and business competition is always full of dark sides,' Yi wrote. She underscored the need for independent thinking, advising others not to be swayed by unverified claims. Yi reaffirmed Binance's commitment to transparency, stating projects that fail to pass rigorous screening will not be listed. Those interested in airdrop campaigns may work with Binance's Web3 wallet, but should not expect automatic listings.
Support from Industry Leaders
Coinbase CEO Brian Armstrong noted asset listings are free at Coinbase. Conversely, Andre Cronje from Sonic Labs supported Yi He, claiming Binance charged $0 for his project's listing, whereas Coinbase's fees ranged from $30 million to $300 million. Similarly, Tron founder Justin Sun echoed Cronje's experience of no fees from Binance, contrasting it with significant deposits required by Coinbase.
The debate around Binance's listing fees continues, as diverse viewpoints from various projects highlight differing perceptions of transparency and fairness in the cryptocurrency industry.
