Brian Armstrong, CEO of Coinbase, argued that the exchange did not collect any listing fees while commenting on a case involving Binance asking for 15% of the total supply of a particular token. Nonetheless, two token founders contradicted Armstrong’s statements.
Coinbase Allegedly Collecting Hidden Fees for Listing Assets in Its Platform
Coinbase is in the spotlight due to a recent controversy involving an alleged collection of payments to secure the listing of digital assets in its trading platforms. On social media, while commenting on a situation that involved similar collections by Binance, the world’s largest cryptocurrency exchange, Coinbase CEO Brian Armstrong stated that, unlike Binance, Coinbase did not resort to those practices.
Answering a comment that linked Binance to an alleged collection of 15% of the market cap for a particular token to be listed, Armstrong stressed:
Asset listings on Coinbase are free – drop us a note through our Asset Hub and we’ll see if we can help. And yes, DEXes are also a great option (which we support in our products).
Andre Cronje, a co-founder of Sonic, formerly Fantom, called out Armstrong’s affirmations, declaring that while Binance listed their token for free, Coinbase had asked up to $300 million to include sonic in its trading platform. “I am very happy to provide proof of the requests (from multiple CB employees/divisions over multiple years, on email, Telegram, and Slack),” he concluded.
Read more: Rebranded Fantom Project, Sonic Labs, Set to Redefine Blockchain Speed With 720ms Finality
Justin Sun, founder of Tron, a smart contracts-enabled blockchain, also shared his experience with both exchanges regarding listings. Sun detailed:
Binance charged us $0. 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.
While Binance has been linked to these situations before, officially the exchange does not collect any fees for introducing tokens in its platforms. Yi He, co-founder of Binance, called the allegations FUD, stating that “if a project does not pass the screening process, it cannot be listed on Binance regardless of the amount of money or tokens involved.”
