📣 Crypto Scandal: Coinbase Accused of Sky-High Listing Fees
posted 4 Nov 2024
The dispute began when Coinbase CEO Brian Armstrong stated in a post that listing on Coinbase is free and invited projects to apply through the Asset Hub.
The dispute began when Coinbase CEO Brian Armstrong stated in a post that listing on Coinbase is free and invited projects to apply through the Asset Hub.
Sun responded, calling this claim false, recounting his experience when Coinbase allegedly demanded 500 million TRX tokens (worth $80 million) and a $250 million Bitcoin deposit.
Cronje added that his foundation was reportedly asked to pay up to $300 million for a Coinbase listing.
These claims have sparked intense debate in the crypto community, with many questioning the ethics of Coinbase’s practices. Critics argue that such listing terms could stifle innovation and limit retail investors’ access to promising projects.
The crypto industry has long faced challenges with centralized exchanges and their potential for manipulation.
A similar scandal previously erupted when the head of Moonrock Capital accused Binance of demanding 15% of tokens in exchange for listing. According to him, this practice makes it nearly impossible for smaller crypto companies to gain access to one of the world’s largest exchanges.
In response, Binance co-founder Yi He labeled these claims as attempts to spread FUD within the crypto community. She emphasized that Binance upholds high standards of quality and transparency, with all listed projects undergoing rigorous review. Since 2018, Binance has reportedly adhered to a policy of voluntary contributions for projects seeking listings, without mandating a specific contribution amount, leaving it to the discretion of the projects.
Nevertheless, Yi He could not deny reports that projects “donated” at least 15% of their total token supply to Binance.
This recent post from the Tron founder once again underscores the enormous power and influence large exchanges hold over the market.
Will such high listing fees become the industry standard, or will community pressure and competition push exchanges toward more accessible and fair practices?
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