Binance Co-Founder Clarifies Asset Listing Policies, Dispels FUD

Binance co-founder Yi He has spoken to current hypothesis about itemizing charges on the platform, assuring the neighborhood that it operates with clear insurance policies.

The deal with got here in response to allegations by Moonrock Capital CEO Simon Dedic of expensive itemizing charges on Binance.

Binance Accused of Charging Exorbitant Charges for Crypto Itemizing

On October 31, Dedic took to X with a claim that Binance demanded 15% of a challenge’s token provide for an inventory. He used the instance of an unnamed tier 1 challenge that raised practically a billion, with the crypto trade giving them an inventory provide that included parting with between $50 million and $100 million for the service.

Moreover, Dedic asserted that the itemizing provide got here on the tail finish of a greater than year-long due diligence course of. This declare sparked debate, with some observers like Mat Milbury arguing that such calls for could hurt initiatives relatively than profit them.

Nonetheless, Binance supporters countered these criticisms, with co-founder Yi clarifying that the trade’s asset itemizing processes prioritize rigorous screening over the funds related to a challenge, no matter quantity:

“If a challenge doesn’t go the screening course of, it can’t be listed on Binance whatever the sum of money or tokens concerned.”

Dismissing the outcry as fear-mongering, or what is often identified in crypto circles as FUD, brief for concern, uncertainty, and doubt, Yi requested neighborhood members to do their very own analysis and analyze Binance’s listings for themselves to see if there was certainly a 20% requirement for tokens as alleged by Dedic.

She additionally identified that her firm’s itemizing charges and token distribution insurance policies are clearly documented, with the intention of defending each initiatives and the platform’s customers.

One other trade backer reiterated this level, suggesting that itemizing charges on Binance are supposed to forestall “nugatory” tokens from reaching unsuspecting traders. This suggests that the crypto platform’s exhaustive itemizing standards are key to sustaining a reliable surroundings.

What About Coinbase?

Coinbase CEO Brian Armstrong contributed to the controversy by promoting the Coinbase Asset Hub, stating that initiatives might be listed on the platform without charge.

This elicited a response from Sonic Labs co-founder Andre Cronje, who disputed Armstrong’s declare. The serial founder acknowledged that not like Binance, which didn’t cost his initiatives something to be listed, Coinbase had allegedly requested them for big sums, together with $300 million, $50 million, $30 million, and most not too long ago, $60 million.

Tron’s Justin Solar additionally added his voice to the discourse, reinforcing Cronje’s assertion. The newly minted Prime Minister of the self-proclaimed micronation of Liberland shared an identical expertise with Coinbase, alleging that it demanded Bitcoin (BTC) and TRX deposits amounting to $250 million and $80 million, respectively, to spice up their efficiency metrics. In distinction, Solar claimed that Binance charged them nothing for a similar service.