Binance and Coinbase Clash Over Alleged $100M Listing Fees

Over the weekend, a major controversy emerged around Binance and Coinbase, two of the world’s largest centralized crypto exchanges, as they faced accusations of demanding exorbitant listing fees. Concerns flared after Simon Dedic, CEO of Moonrock Capital, raised questions about these exchanges' listing practices. According to Dedic, a Tier 1 project that had raised nearly nine figures encountered complications while attempting to list on Binance.

After a lengthy due diligence process with Binance, the team was reportedly asked to surrender 15% of their token’s supply to secure a listing. This fee, potentially amounting to between $50 million and $100 million, sparked community-wide discussion, with many wondering if such high fees were justified.

The conversation took a turn when Coinbase’s CEO, Brian Armstrong, responded to Dedic’s post. Armstrong claimed that Coinbase did not charge for listings, which caught the attention of other crypto industry figures. Andre Cronje, founder of Sonic Labs, quickly disputed Armstrong’s statement, alleging that Coinbase had requested up to $300 million in listing fees from his company.

Cronje noted that, unlike Coinbase, Binance did not impose a fee on Sonic Labs. Backing Cronje’s statements, Tron founder Justin Sun shared his own experience, stating that Coinbase had requested 500 million TRX tokens—about $80 million—and a $250 million BTC deposit in Coinbase Custody. These claims raised questions about potential differences in treatment between high-profile and newer projects.

On Monday, Binance’s founder, Changpeng Zhao, known as CZ, addressed the situation by expressing gratitude to Sun for his support. Zhao commented that validation from a leader of a competing exchange was valuable but advised against quote-based disputes within the industry. CZ emphasized that projects should concentrate on building rather than on exchange listings, pointing out that Bitcoin itself never paid any listing fees. Sun echoed CZ's view, asserting that “focusing on building projects and Bitcoin” is what truly matters.

Yi He, Binance’s co-founder and Chief Customer Service Officer, also stepped in to refute the accusations, calling them unfounded and encouraging the community to rely on research rather than rumors. She stated that Binance's listing standards are “transparent and clear” and dismissed claims of a “20% listing fee.”