Binance, the world's largest cryptocurrency exchange, has vehemently denied accusations that it charges significant fees for listing new digital assets. The exchange stated that the claims, originating from the CEO of startup Limitless Labs, are false and defamatory, aimed at undermining the integrity of its listing process. Binance maintains its listing process is fair and does not involve profiting from new asset inclusions.
Key Takeaways
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Binance refutes claims of charging listing fees or demanding a percentage of project tokens.
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The exchange states that any deposits made for listing purposes are refundable.
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Binance asserts that marketing fees are reinvested into platform development and community initiatives.
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Founder Changpeng Zhao (CZ) believes strong projects should not pay for listings and exchanges should compete for them.
The Accusations
The controversy began with posts from CJ Hezerrington, CEO of Limitless Labs, who alleged that Binance requested approximately 8% of a project's total token supply, along with fiat and cryptocurrency deposits. Hezerrington also claimed that Limitless Labs has support from Coinbase Ventures and the Base Ecosystem Fund. Mike Dudas, founder of 6MV, corroborated seeing similar proposals from Binance recently. Another user on Binance Square suggested the exchange requires projects to allocate 8% of tokens for user distribution through airdrops and other activities.
Binance's Response
Binance officially responded via its customer support Twitter account, labeling the allegations as "false and defamatory" and expressing surprise at the "unlawful and unauthorized disclosure of confidential correspondence." The exchange clarified that it does not charge listing fees and that deposits are returned within one to two years. They also denied that their executives engage in dumping project tokens.
Founder's Stance
Binance founder Changpeng Zhao (CZ) weighed in, stating that promising projects should not have to pay for exchange listings, as exchanges should be competing to list them. He advised project teams to focus on product development and suggested that dissatisfied users could provide feedback or utilize decentralized exchanges (DEXs).
Further Clarifications
Yi He, co-founder of Binance and head of Binance Labs, added that all contractual deposit terms include full refunds. She explained that marketing fees are utilized for developing Binance Square, educational content, and trading competitions, with Binance also funding airdrops independently. Project teams receive comprehensive reports on these activities. Binance reserves the right to take legal action against those spreading misinformation.
Sources
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Binance denies allegations of charging listing fees and selling tokens, Binance Square
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Binance Rejects Listing Bribery Claims, Calls Allegations “False and Defamatory” — Here Is the Full Story, Cryptorank.
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