Binance co-founder Yi He recently addressed allegations of high listing fees made by Moonrock Capital, sparking discussion in the cryptocurrency community.
Allegations of High Fees
The CEO of Moonrock Capital shared an experience with a project that underwent over a year of scrutiny by Binance. Allegedly, after the process, the project received an offer requesting 15% of its total token supply for a listing. This demand, he argued, represented a financial burden estimated at $50 million to $100 million and could negatively affect token market prices.
Yi He Responds to Claims
Yi He took to social media to counter the claims, suggesting that such rumors may be part of a strategy to instill fear and doubt. She stressed the importance of independent thought and assured that projects not passing the rigorous screening process would not be listed on Binance. Since 2018, Binance's policy has been transparent fees, with projects deciding their "donation" amounts, which are directed to charity.
Support from Industry Leaders
Coinbase CEO Brian Armstrong noted that asset listings on Coinbase are free, drawing attention to listing practices at centralized exchanges. Sonic Labs co-founder Andre Cronje supported Yi He's remarks, stating that Binance charged nothing for his project's listing, unlike Coinbase, which demanded fees from $30 million to $300 million. Justin Sun also backed this claim, asserting that Binance charged Tron nothing, contrary to Coinbase's requirements.
The allegations of high listing fees on Binance have ignited debates in the cryptocurrency sector, highlighting the importance of transparent practices in centralized exchanges.
