TRON founder Justin Sun has publicly accused Coinbase of charging exorbitant fees to list his token, TRX, directly countering Coinbase’s claim that listings are free. Sun’s post on X alleged that the firm requested a staggering $330 million in total fees, including $80 million in TRX tokens and a $250 million Bitcoin deposit in Coinbase Custody.
The post quickly gained traction, prompting responses from other prominent figures in the cryptocurrency world. Coinbase’s co-founder Brian Armstrong, who had earlier denied charging fees on X, left no room for interpretation regarding the centralized exchange platform’s listing policies.
Asset listings on Coinbase are free – drop us a note through our Asset Hub and we’ll see if we can helphttps://t.co/Weoa8MhLeq
And yes, DEXes are also a great option (which we support in our products). https://t.co/cjp0Avu4uC
— Brian Armstrong (@brian_armstrong) November 2, 2024
A Growing Debate: Sun, Armstrong, and Cronje Weigh In
Discussion centered on the brief exchange intensified when Andre Cronje, founder of the Fantom Network, added his own experience with Coinbase to the conversation. Cronje claimed that his team had encountered listing fees as high as $300 million, echoing Sun’s accusations and raising questions about the exchange’s transparency.
Binance charged us $0.
Coinbase has asked us for; $300m, $50m, $30m, and more recently $60m.
Lots of respect. But this is simply not true.
— Andre Cronje (@AndreCronjeTech) November 3, 2024
Binance’s co-founder Yi He, on the other hand, defended the company’s policy, emphasizing that all listing fees are “transparent” and go directly to charity. Binance maintains that it screens projects but refrains from charging any fixed amounts or tokens, in stark contrast to Coinbase’s alleged practices.
Crypto Giants on X: Transparency or Tensions?
Sun’s allegations come amid Coinbase’s attempt to maintain its reputation as a fee-free listing platform. Sun’s perspective paints a different picture, especially when viewed alongside Fantom’s similar experience. Despite the lack of concrete evidence provided by Sun, the claims expose potential tensions among exchanges and the cost of participation for new projects.
Binance charged us $0.
Coinbase required us to pay 500 million TRX (worth $80 million) and demanded a $250 million BTC deposit in Coinbase Custody to boost their performance.
Lots of respect. But this is simply not true. https://t.co/faEgtGLLhW
— H.E. Justin Sun
(hiring) (@justinsuntron) November 4, 2024
Amidst these disputes, Binance’s CEO, Changpeng Zhao (CZ), supported Sun’s stance, urging crypto leaders to avoid “quote attacks” and keep industry conversations transparent. CZ expressed gratitude to Sun for his support, signaling the alignment between Binance and TRON against Coinbase’s alleged practices.
What This Means for Crypto Market Access
As more crypto industry figures weigh in on the discussion, the allegations prompt concerns about access to exchanges for smaller projects that might not afford such fees. With Coinbase and Binance representing two of the world’s largest cryptocurrency exchanges, these disputes over listing fees could reveal barriers for smaller tokens aiming for exposure on leading platforms.
Binance, controlling nearly 40% of global spot crypto trading, remains a go-to platform for emerging projects. Coinbase, with about 6% market share, still holds sway but faces scrutiny as major founders raise concerns. As the debate continues, industry leaders and token creators alike may seek greater transparency on listing costs across major exchanges.
