Media: Major stock exchanges refused to list TRUMP due to possible political repercussions

What’s new? The team of the MAGA (ticker TRUMP) meme token, which uses former US President Donald Trump as its mascot but is not directly related to the politician, complained about difficulties with listing on leading centralized crypto exchanges (CEXs). The asset is now available on several CEXs, including platforms MEXC, LBank, BingX, and BitMart, but is mostly traded on decentralized exchanges (DEXs).

CoinDesk’s material

What else is known? As the project’s marketing director Steven Steele told CoinDesk journalists, the team applied for listing on the US crypto exchange Kraken back in mid-May, but has not yet received any response. Representatives of the platform itself refused to comment on the media.

The MAGA (TRUMP) token was launched on August 11 last year and is currently available on Ethereum, Solana, Base, and BNB Smart Chain. All transactions with the asset (buy, sell, move) are subject to a 1% fee (in addition to the network’s fee). The project allocates these funds for marketing, development, liquidity maintenance, and charity.

In particular, the project supports US veterans and organizations to combat child trafficking. For these purposes, 508,75 ETH or $1,8 million at the current exchange rate has already been allocated.

Notably, Kraken recently listed the Doland Tremp (TREMP) asset. This is a purely humorous project that offers no real-world use cases. TREMP is also available on HTX, one of the largest CEXs. In addition, Kraken supports trading of the humorous token Jeo Boden (BODEN), which is a kind of competitor to TREMP.

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According to Steven Steele, some exchanges have said TRUMP is “too political.” He provided CoinDesk with screenshots in which representatives from the Bybit exchange set the TRUMP team targets for trading volumes to achieve for listing. They later rejected the listing application citing political risks, although the target was met. Bybit declined to comment to the media.

The OKX exchange also expressed a similar position. There, political meme tokens were called a “sensitive” topic, noting that listing is impossible. OKX also did not comment on the publication.

The TRUMP team plans to apply for listing on HTX. Exchange representatives commented to the media that they do not rule out the possibility of listing the asset. However, the final decision will be made after a rigorous review, depending on market conditions and trends.

Steele accused exchanges that refuse to list TRUMP for political reasons of cowardice, adding that they are “incredibly tone deaf” in assessing the current meme token landscape and customer needs:

“To shun the pioneer of PoliFi because it’s a Trump-themed project in an election season wherein he is openly running as America’s first major Presidential ‘crypto candidate’ is shockingly out of touch.”

At the time of writing the news, TRUMP is the second most capitalized stock in the PolitiFi sector, 12th in the meme token ranking, and 159th in the overall cryptocurrency ranking with a capitalization of $408,3 million. The asset is trading at $8,76, having added 16,5% overnight.