TL;DR

Justin Sun accused Coinbase of demanding 500 million TRX (approximately $80 million) for a listing.
Binance co-founder Yi He has defended the quality of her platform’s listing process, stressing that it is not based on money.
Changpeng Zhao (CZ), former CEO of Binance, urged to focus on building valuable projects instead of worrying about listing fees.

Recently, Justin Sun, known for his role in the crypto community and the TRON foundation, has made  alarming accusations about the listing practices at Coinbase, the largest cryptocurrency exchange in the United States.

Sun claims that Coinbase requested a payment of 500 million TRX, equivalent to approximately $80 million, so that his project could be listed on the platform.

This revelation contradicts statements from Coinbase CEO Brian Armstrong, who has suggested that listings are free and that he is willing to help companies obtain listings at no cost.

The controversy doesn’t stop there, as other industry leaders have come out to back Justin Sun and criticize the high cost of listings on exchanges.

Simon Dedic, a prominent investor, claimed that a Tier 1 project that had raised close to nine figures finally received a listing offer after more than a year of due diligence with Binance, suggesting that this exchange requested up to 15% of the token supply.

Furthermore, Andre Cronje, a well-known DeFi developer, corroborated Sun‘s claims by stating that Coinbase has not only requested exorbitant amounts in the past, but that these requests were made over several years through various communication channels.

In response to the controversy, Binance co-founder Yi He attempted to clarify the situation, emphasizing that the process of selecting projects for listing on Binance is not based on the money or tokens offered, but on the quality and potential of the project.

Yi mentioned that any project offering airdrops could be considered for listing, highlighting Binance’s innovative approach.

At the same time, he thanked Cronje for his courage in sharing his experience, at a time when allegations of unfair listing practices are on the rise.

Growing concern in the crypto community after Justin Sun’s statements

Changpeng Zhao (CZ), the former CEO of Binance, also backed Justin Sun, thanking him for his support and validation amid the controversy.

Zhao stressed that the crypto sector should focus more on building valuable projects than on listing fees imposed by exchanges.

This exchange of comments has highlighted a growing concern in the crypto community about listing practices, suggesting that high costs may hinder innovation and the growth of new projects in the industry.

As the discussion progresses, the cryptocurrency community is watching closely to see how exchanges respond to these allegations and whether there will be any changes to their listing policies.

Transparency in listing processes and creating a more accessible environment for new projects will be crucial to fostering innovation and competition in the sector.

These dynamics will undoubtedly continue to generate debate and reflection on the future direction of the cryptocurrency industry.

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Filed under: News - @ November 4, 2024 2:25 pm