Binance vs. Coinbase: Tron Founder Says Binance Was Free, Coinbase Sought $330M.
Tron Network’s Justin Sun revealed the fees charged by Binance and Coinbase for the project’s token. This comes after the crypto community raised eyebrows over roadblocks to new projects, including expensive criteria for centralized crypto exchanges. Project listings are key to mass adoption from the community, as recorded in the last decade.
Simon Dedic, the CEO of Moonrock Capital expressed disappointment with the listing criteria of Binance. In a recent tweet, the crypto executive pointed out that a mainstream firm which raised nine figures was asked for 15% of their tokens supply.
I recently spoke with a Tier 1 project that raised close to nine figures.
After wasting over a year of due diligence with Binance, they finally received a listing offer.
Binance asked for 15% of their total token supply.
Imagine paying $50–$100M just for a CEX listing.
Not…
— Simon (@sjdedic) October 31, 2024
According to Dedic, high fees for crypto project listings on centralized exchanges lead to bleeding charts for the wider market. Furthermore, not many firms can afford these fees outright, leading to several firms struggling above the red zone. Over the years, many firms have struggled with user adoption despite initial community support.
Coinbase CEO Chips In
Coinbase CEO Brian Armstrong added that listings on the platform are free calling on Dedic to hit up the exchange. The largest exchange by volume in the United States also integrates decentralized exchanges to its products.
Asset listings on Coinbase are free – drop us a note through our Asset Hub and we'll see if we can helphttps://t.co/Weoa8MhLeq
And yes, DEXes are also a great option (which we support in our products). https://t.co/cjp0Avu4uC
— Brian Armstrong (@brian_armstrong) November 2, 2024
In a turn of events, Justin Sun fact-checked Armstrong stating that Binance did not charge the firm to list its token.
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.
Lots of respect. But this is simply not true. https://t.co/faEgtGLLhW
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 4, 2024
However, Coinbase required the network to pay 500 million TRX worth approximately $80 million and further demanded $250 million deposited in the exchange’s custody to boost the performance. This drew criticism from the community stemming from the high fees projects have to pay to get listings.
Similarly, some users pointed out that this was in 2019, and Coinbase made its listing free in 2022. Andre Cronje, the co-founder of Sonic Labs, also wrote on X that while Binance offered free listings, Coinbase demanded between $60m and $300m for its projects.
Binance charged us $0.
Coinbase has asked us for; $300m, $50m, $30m, and more recently $60m.
Lots of respect. But this is simply not true.
— Andre Cronje (@AndreCronjeTech) November 3, 2024
A major factor is the size and market influence of Binance and Coinbase, which draws lots of active users to projects.
This year, both exchanges have supported several projects through funding and listings. Last week, Binance Labs invested in the Solana-based fitness platform Moonwalk. Coinbase also announced perpetual futures listings as part of its support for projects and to give users diversified crypto offerings in the market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
