Binance Co-Founder Explains Asset Listing Policies, Eliminates FUD
Following claims by the CEO of Monrock Capital – a crypto-native consulting and investment firm – that Binance has demanded 15% of the project's total token supply for details on the central exchange, Binance co-founder Yi Hen responded by denying it. Clarifying claims and Binance listing guidelines.
According to Binance's co-founder, the company does not charge new projects a percentage of the token supply for listing or a fixed amount. As of 2018, Binance's listing policy stipulates that all listing fees will be “transparent”, and 100% of fees will be donated to charity. The policy says so.
“Project teams still submit the number they wish to provide for a ‘listing fee,' or now more appropriately a ‘donation.'” Binance does not specify a number or minimum required listing fee.
The Moonrock CEO's claims have sparked a debate over the central exchange's payment policies – prompting Sonic founder and developer Andre Cronje to join the fray and file a similar lawsuit against Coinbase.
Claims made by Monrock CEO. Source: Simon
Related: Binance founder CZ sees positive change in crypto regulation around the world
Centralized exchanges lose decentralized options
In September 2024, centralized exchanges recorded a significant drop in trading volume. According to CCData, Binance's spot trading volume fell by 23%, and other major exchanges, including OKX, HTX, Coinbase, Kraken, and Bybit, experienced similar drops of between 20-30%.
Explanations for the decline in trading volume include increasing geopolitical tensions, investor uncertainty due to the upcoming 2024 US election, and increased trading volume on decentralized exchanges.
Binance announced the listing of Shibel – an Ethereum layer-2 scaling solution – on October 11. The decision to list on the project Binance has led to criticism from the crypto community, that the list threatens the decentralized ethos of Shibel.
Following the listing announcement, a user named Zeng Jiajun asked the community to “imagine Vitalik Buterin paying 5.5% for OKX” to list Ether (ETH) on the exchange – a rhetorical argument against centralized exchanges that charge high listing fees or percentages. Project Total Token Offering Lists Rights to New Digital Assets.
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