- Binance was accused of charging a high amount of fees for listings by Moonrock Capital CEO.
- The allegations have sparked a debate on centralized exchange rules within the community.
A few days ago, the CEO of Moonrock Capital took to Twitter to allege Binance of charging high fees for listing. Following this, several prominent crypto members began discussing the issue bringing to the forum varied opinions. It also raised concerns for decentralized projects and their scope within centralized exchanges such as Binance and Coinbase.
Recently, the co-founder and chief customer service officer of Binance, Yi He announced on her X account the nuances of Binance listings. This was in defense of the aforementioned allegations by Simon, the Moonrock Capital CEO. Yi He stated that if a project does not pass Binance’s screening process, then no amount of money can get a listing for it.
Moreover, the co-founder also asked the community to proceed for DYOR at projects that were listed and whether they were expected to give a 20% share. Simon’s allegations included that a Tier 1 project waited in due diligence for a year to secure a Binance listing. Furthermore, he also stated that Binance demanded a 15% share of the project’s tokens.
#FUD If a project does not pass the screening process, it cannot be listed on Binance regardless of the amount of money or tokens involved.
— Yi He (@heyibinance) November 3, 2024
#DYOR Binance has listed projects in the token distribution column, please analyze the percentage to know if there is a so-called 20%.… https://t.co/LYt3GU7PMT
Secondly, Yi He also expounded on the exchange’s airdrop rules, that if a project has 20% of tokens it can still be listed on Binance. However, speculations remain on the different exchanges charging fees for listing.
How is Community Response to Allegations Surrounding Binance?
The community has seen widespread response to the issue in the last few days. Andre Cronje, the co-founder of 0xSonicLabs stated that Coinbase asked for payments but “Binance charged us $0”. Yi He also quoted his tweet within her response.
Furthermore, another prominent market participant, Michael van de Poppe, founder of MNA Capital expressed his views. He stated that decentralized exchanges could attract more users due to such alleged rules. Other centralized exchanges such as Bybit and KuCoin have not commented on the issue.
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