Binance has recently been questioned. A netizen who claimed to have communicated with the token project party tweeted that he had talked with a top project with nearly nine-digit financing. They spent more than a year on due diligence on Binance before finally receiving a proposal to list the coin, and Binance required them to provide 15% of the total token supply.
If the incident is true, just to list the token on a centralized exchange, you need to pay 50 million to 100 million US dollars. This is not only unbearable for the project, but these tokens are also the main reason for the decline in the price of the token.
I recently spoke with a Tier 1 project that raised close to nine figures.
After wasting over a year of due diligence with Binance, they finally received a listing offer.
Binance asked for 15% of their total token supply.
Imagine paying $50–$100M just for a CEX listing.
Not…
— Simon (@sjdedic) October 31, 2024
When Binance was facing public pressure, Coinbase CEO Brian Armstrong took the opportunity to speak out, claiming that “Coinbase listing is completely free” and encouraged project parties to apply for listing through Asset Hub. Unexpectedly, this “stepping on Binance” rhythm did not work, and attracted many project parties to expose Coinbase’s so-called “free listing” as a “false trick” in language. They will charge fees under other banners, and the price is also “sky-high”.
Sonic Labs co-founder Andre Cronje publicly stated that Coinbase has repeatedly asked them for huge fees: “Coinbase has asked for 300 million USD, 50 million USD, 30 million USD, and the most recent time was even up to $60 million.” In contrast, he pointed out that Binance did not charge them any fees.
Asset listings on Coinbase are free – drop us a note through our Asset Hub and we'll see if we can helphttps://t.co/Weoa8MhLeq
And yes, DEXes are also a great option (which we support in our products). https://t.co/cjp0Avu4uC
— Brian Armstrong (@brian_armstrong) November 2, 2024
When some netizens questioned whether someone was impersonating a Coinbase employee to commit fraud, Andre Cronje responded:
“I did not sign a confidentiality agreement, so I can provide relevant evidence.” He added that he had “quotation records” from multiple Coinbase employees and different departments through email, Telegram and Slack, spanning several years, with sufficient evidence. In addition, Andre Cronje pointed out that Coinbase might argue that these are not “currency listing fees” but service fees for promoting “Earn” activities (i.e. Earn Fee), but he emphasized that these fees will eventually be converted into the project party’s coin listing costs.
Coinbase once asked Sun Yuchen to list 500 million TRX
After Andre Cronje jumped out to accuse Coinbase, Justin Sun also shared his own similar experience. He pointed out that Binance charged us $0, but Coinbase asked Justin Sun to pay 500 million TRX (worth $80 million) and deposit $250 million in BTC in Coinbase Custody to improve their performance.
Binance charged us $0.
Coinbase has asked us for; $300m, $50m, $30m, and more recently $60m.
Lots of respect. But this is simply not true.
— Andre Cronje (@AndreCronjeTech) November 3, 2024
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