Justin Sun accused Coinbase of requesting 500 million TRX (approximately $80 million) in exchange for a listing.
Justin Sun has made unsettling claims regarding the Coinbase fee structure for listing crypto assets on the exchange. He claimed that the largest cryptocurrency exchange in the United States requested that he pay 500 million TRX, which is approximately equivalent to $80 million.
This contradicts Brian Armstrong, the CEO of Coinbase, who recently expressed his belief that asset listings on his cryptocurrency exchange are free and even extended assistance to Simon, the CEO of Moonrock Capital.
Simon Dedic had previously stated in an earlier post that a Tier 1 project that had raised nearly nine figures eventually received a listing offer after squandering over a year of due diligence with Binance. The world’s largest cryptocurrency exchange by trading volume requested 15% of the project’s token supply, he further stated.
He stated that projects are unable to afford the $50 million to $100 million required for a listing on a centralized exchange, and these tokens are also the primary cause of hemorrhaging charts. The CEO of Coinbase capitalized on the opportunity to advertise its self-claimed free listing.
Andre Cronje intervened in the matter and stated that Binance did not charge them any fees, whereas Coinbase requested $300 million, $50 million, $30 million, and most recently $60 million. He denied Armstrong’s assertions regarding the availability of complimentary listings.
He further stated that he is not subject to any NDA and is willing to furnish evidence of inquiries made by numerous Coinbase employees. These requests were submitted via email, Telegram, and Slack over the course of several years, as noted by Cronje.
He implied that Coinbase could contend that the fee was not a “listing charge,” but rather a “earn fee,” which still conveys the “cost of listing.” Nevertheless, he was prepared to publish all of the evidence on social media and allow the public to make a decision.
Justin Sun referred to a comparable circumstance that he encountered during his pursuit of a Coinbase listing.
Binance’s co-founder, Yi He, endeavored to clarify the emergent issue. According to her, a project is ineligible for listing on Binance if it fails the vetting procedure, irrespective of the quantity of tokens or funds involved.
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