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Binance Allegedly Seeks $100M as Coinbase Boasts No Fees

Andras Crow-Hreidar by Andras Crow-Hreidar
November 4, 2024
in Crypto, News
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The process of listing a digital asset token on prominent cryptocurrency exchanges is often considered a significant milestone for many projects. Such listings provide the project with exposure to a broader global investor base, thereby promoting sustained future growth similar to the trajectory of Bitcoin (BTC) over the years. However, the journey to getting listed on major crypto exchanges has become increasingly politicized, primarily due to the intense competition within the market.

Binance vs Coinbase: The Token Listing Debate

In recent discussions within the crypto community, the challenges faced by tier-one crypto projects aiming to list on exchanges have come to light. For instance, last month, Moonrock Capital’s Simon highlighted a scenario where a top-tier crypto project encountered significant obstacles while attempting to get listed on Binance. According to Simon, Binance allegedly requested 15 percent of the token’s total supply, valued between $50 million and $100 million, as a prerequisite for listing rights.

blockdag 70m

This revelation sparked considerable attention and debate among crypto enthusiasts. In response, Coinbase sought to highlight its more accommodating approach. Brian Armstrong, the CEO of Coinbase, asserted that the platform allows any crypto project meeting its criteria to list free of charge. However, these claims have been countered by notable figures such as Andre Cronje, co-founder and architect at Sonic Labs, and Justin Sun, founder of the Tron network (TRX). They argued that Binance did not charge them for listing their tokens, whereas Coinbase demanded substantial fees. Sun disclosed, “Binance charged us $0. Coinbase required us to pay 500 million TRX (worth $80 million) and a $250 million BTC deposit in Coinbase Custody to enhance their performance.”

Amidst these claims, Yi He, co-founder of Binance, urged the crypto market participants to disregard fear, uncertainty, and doubt (FUD) and focus on fostering a more robust industry. Binance maintains a rigorous screening process for projects aspiring to be listed. Projects failing to pass this evaluation cannot be listed on Binance, irrespective of the financial incentives offered.

Yi He (@heyibinance) November 3, 2024

Decentralized Exchanges (DEXes): The Future of Crypto Trading

Decentralized cryptocurrency exchanges (DEXes) have witnessed substantial growth in recent years, largely influenced by the collapse of centralized exchanges like FTX and WazirX. Current market data from Coingecko indicates that DEXes have achieved a total daily traded volume of $5.34 billion. This impressive figure is led by platforms such as Uniswap (UNI), Aerodrome, Orca, Pancakeswap (CAKE), and Raydium, among others.

As the crypto landscape evolves, the role of DEXes in shaping the future of digital asset trading becomes increasingly evident. By providing a decentralized, trustless environment for trading, DEXes offer enhanced security and transparency. As more investors and projects gravitate towards these platforms, the potential for continued innovation and growth in the cryptocurrency space remains promising.

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Tags: Exchange News
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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