Binance Co-Founder Shuts Down Token Listing Fee Allegations
Binance co-founder Yi He recently addressed and dismissed allegations that the exchange demands token shares from projects for listing on the platform, clarifying Binance’s policies on X.
The discussion began when the CEO of Moonrock Capital, a crypto advisory and investment firm, claimed that Binance requested 15% of a project’s tokens as a condition for listing.
Yi He emphasized that Binance assesses projects for listings without charging a fixed percentage of tokens or a set fee. Since 2018, Binance’s listing policy has been clear: all fees proposed by project teams are considered “donations” and are donated in full to charity, with the amount entirely up to the project team.
The Moonrock CEO’s statement spurred further debate on listing fees among centralized exchanges, with Sonic co-founder Andre Cronje entering the discussion and raising similar concerns regarding Coinbase.
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In the broader crypto market, September 2024 saw a drop in trading volume on centralized exchanges. According to CCData, spot trading on Binance fell by 23%, and other exchanges like OKX, HTX, Coinbase, Kraken, and Bybit experienced declines between 20% and 30%. Analysts attributed this downturn to geopolitical issues, investor caution ahead of the 2024 U.S. elections, and a shift toward decentralized exchange volumes.
Recently, Binance announced the listing of Scroll, an Ethereum layer-2 solution, which some critics argued was at odds with Scroll’s decentralized vision. Following the announcement, crypto enthusiast Zeng Jiajun sparked further discussion by comparing Binance’s fees with a hypothetical scenario, asking the community to “Imagine Vitalik Buterin paying 5.5% to OKX” for listing Ether on the exchange.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
