Justin Sun refutes Coinbase CEO’s statement about free asset listings

What’s new? The founder of the TRON blockchain with the TRX native token, as well as the head of centralized crypto exchanges (CEX) HTX (formerly Huobi) and Poloniex Justin Sun has commented on the cost of listing rates on leading trading platforms. He said that the world’s largest CEX Binance did not charge his team a single dollar for listing TRX.

Source: X.com

What else is known? At the same time, according to Sun, leading US exchange Coinbase has requested a 500 million TRX payment worth $80 million, as well as a $250 million bitcoin deposit on Coinbase’s Custody platform to increase the efficiency of the listing.

This is how Justin Sun responded to Coinbase CEO Brian Armstrong’s post about his platform not charging listing fees.

Armstrong himself was responding to the head of blockchain consulting firm Moonrock Capital, Simon Dedic, who complained about Binance’s exorbitant requirements for listing new coins.

Source: X.com

Dedic cited a situation with an unnamed top project that had already raised nearly a hundred million dollars in funding and had been vetted by Binance for over a year before receiving a listing offer. As a result, the exchange requested 15% of the total supply of its tokens from the project.

“Imagine paying $50–$100M just for a CEX listing. Not only is this unaffordable for projects, but these tokens are also the biggest reason for bleeding charts. Something has to change,” concluded Dedic.

Source: X.com

Thus, conflicting information has been received from different representatives of the crypto industry. Justin Sun claims that listing TRX on Binance did not require any costs, while an unnamed major project required tens of millions of dollars from the exchange.

Similarly, with Coinbase, its head claims that the exchange opens trading in new eligible coins for free, while Sun claims that it will cost hundreds of millions of dollars.

Commenting on Justin Sun’s post, Binance founder and former CEO Changpeng Zhao thanked his rival for his support but noted that industry representatives should not resort to such attacks on colleagues via social media. Zhao also added that the team behind the development of bitcoin was not charged a listing fee.

Source: X.com

“Work on the project, not the exchange,” the entrepreneur added, likely hinting that listing is free for truly innovative projects.

Sun agreed with the statement, saying that the focus of the industry should be on project development.

TRX ranks 10th in the overall cryptocurrency ranking with a capitalization of $14,3 billion. The TRON blockchain hosts a significant portion of Tether’s USDT leading stablecoin offering with a capitalization of $120,5 billion.