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Changpeng Zhao (known as CZ), a Binance cofounder and its former chief executive officer, has responded to a recent tweet by Justin Sun about the fees charged for listing his coins on Binance and Coinbase.
Sun and CZ, who know each other very well and even worked on a few projects together, say that Binance charges zero, while other exchanges demand huge listing fees. Other crypto community members claim the opposite.
Justin Sun reveals huge fee charged by Coinbase for listing TRX
Justin Sun, the founder of the Tron blockchain, now owns two major centralized cryptocurrency exchanges – Huobi and Poloniex – and responded to several tweets claiming that the Binance exchange charges sky-high prices for listing tokens.
In particular, an unnamed “tier-1 project” mentioned in the tweets said that the Binance team allegedly charged 15% of the token supply worth $50 million — $100 million, while Coinbase listed the token completely free of charge.
Justin Sun stepped in to share his experience of dealing with Binance and Coinbase when trying to get his tokens listed. He did mention that it was TRX, which means it was most likely 2017-2018. The former Tron Foundation CEO said that Binance charged them zero dollars or crypto, while the largest crypto exchange, Coinbase, required a payment of 500 million TRX (worth $80 million at that time) and also “demanded a $250 million BTC deposit in Coinbase Custody to boost their performance.”
Binance charged us $0.
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 4, 2024
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.
Lots of respect. But this is simply not true. https://t.co/faEgtGLLhW
CZ makes statement on CEX listing fees
This was Sun’s response to a tweet by Coinbase CEO Brian Armstrong, which stated: “Asset listings on Coinbase are free – drop us a note through our Asset Hub and we'll see if we can help.”
Sun concluded his tweet by addressing Armstrong: “Lots of respect. But this is simply not true.”
CZ thanked Sun for the support and "validation from someone who runs two competing exchanges." The former Binance boss suggested that crypto exchanges "should try to reduce these types of 'quote attacks' in the industry."
😂 Thanks for the support, validation from someone who runs two competing exchanges. But we should try to reduce these types of "quote attacks" in the industry.
— CZ 🔶 BNB (@cz_binance) November 4, 2024
Bitcoin never paid any listing fees. Work on the project, not the exchange.
He added that “Bitcoin never paid any listing fees” and that teams should improve their projects so that they are listed easily.
Founder of Sonic Labs Andre Cronje also tweeted: “Binance charged us $0. Coinbase has asked us for; $300m, $50m, $30m, and more recently $60m.”