Justin Sun, CZ And Brian Armstrong Get Into An Online Squabble Over Exchange Token Listings
Tensions are flaring between Justin Sun and Brian Armstrong on X. And since the initial Coinbase conversation between the trio, Fantom (FTM) creator Andre Cronje has also weighed in, siding with CZ & Binance.
The faces of three prominent crypto exchanges have sparked a back-and-forth debate on the demands from centralized exchanges when listing new tokens. Tron founder and head of Huobi exchange Justin Sun has accused Coinbase of demanding exorbitant fees to list new digital assets.
I recently spoke with a Tier 1 project that raised close to nine figures.
After wasting over a year of due diligence with Binance, they finally received a listing offer.
Binance asked for 15% of their total token supply.
Imagine paying $50–$100M just for a CEX listing.
Not…
— Simon (@sjdedic) October 31, 2024
Listing Fee Drama Began With A Harmless Post From Moonrock Capital CEO, Simon Dedic
This drama began following a post from Moonrock Capital CEO Simon Dedic, who claimed he recently spoke with a tier-one crypto project that had raised close to nine figures. He said the project received a listing offer of 15% of their total token supply from the unnamed crypto exchange.
“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,” Dedic said.
Justin Sun Disputes Coinbase CEOs Claims That Listing A Token On Coinbase Is ‘Completely Free’
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.
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 4, 2024
In a quote-tweet to Dedic’s post over the weekend, Coinbase CEO Brian Armstrong said that asset listings on his exchange were free, encouraging the project to reach out to see if it could help while linking to a May 2022 blog post on its policy. The blog post states, “We have always ensured that listing an asset on Coinbase is completely free of all fees and prerequisite costs.”
Justin Sun quickly responded to Armstrong’s post, claiming that Binance charged Tron $0 to list while Coinbase allegedly asked for $80 million in TRX and $250 million in BTC as a deposit.
Former Binance CEO CZ responded to Sun, saying, “Thanks for the support and validation from someone who runs two competing exchanges. But we should try to reduce these types of “quote attacks” in the industry. Bitcoin never paid any listing fees. Work on the project, not the exchange.”
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Fantom Creator Andre Cronje, Also Stated That Coinbase Had Asked For $30-300 Million For Listing FTM
Is it possible he got in touch with some fake Coinbase listing agents? There are a lot of people out there pretending they work with exchanges that are just trying to trick you out of your tokens.
— LukeYoungblood.eth 🛡️ (@LukeYoungblood) November 3, 2024
Another senior crypto figure has since defended Binance, making similar allegations at Coinbase. Andre Cronje, founder of Sonic Labs (formerly Fantom), also weighed in.
He said, “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.”
While Brian Armstrong hasn’t yet responded to Sun And CZ, a former Senior Software Engineer at Coinbase, Luke Youngblood, has defended Coinbase. In reply to Cronje, he simply stated, “Coinbase doesn’t charge for listings. They never have and never will.”
DISCOVER: These Are The Hottest Meme Coin Presales in 2024
A Former Coinbase Employee, Hit Back, Claims That Fantom Could Have Been Speaking With Fake Coinbase Listing Agents
In response to an X user asking if Andre Cronje was lying, Youngblood replied, “Is it possible he got in touch with some fake Coinbase listing agents? Many people are out there pretending they work with exchanges just trying to trick you out of your tokens.”
It will be interesting to see if Brian Armstrong puts out an official response to the numerous allegations, including from Justin Sun, of Coinbase demanding 8 and 9 figures for listing digital assets on the exchange.
BONUS: Crypto All-Stars (STARS) Blasts Past $3 Million Raised During Presale
WHAT A JOURNEY!
And there's still a lot to do! But Crypto All-Stars just hit $3M in Presale! pic.twitter.com/inuhJG5BOX
— Crypto All-Stars (@all_stars_coin) November 3, 2024
The Crypto All-Stars presale is the talk of the town, having just secured $3 million in presale funding. High-IQ investors are competing to secure their bag of STARS.
Crypto All-Stars are separating themselves from traditional meme coins and taking a more utility-driven approach. The team has created a revolutionary piece of tech named the ‘MemeVault’. It is a one-stop shop that allows users to stake multiple meme coins for juicy STARS rewards.
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MemeVault will be powered by its native token, STARS. This means users must hold STARS to participate, and rewards for staking are paid out in STARS. Industry experts are going crazy over this, the thought of being able to put your meme coin portfolio to work. Investors will now be able to earn passive income on assets that are traditionally speculative and offer no utility.
There are less than 48 hours remaining before Crypto All-Stars’s next price stage increase. To top it off, the team generously included a staking protocol for the presale phase. Secure your bag of STARS today and stake for an insane 515% APY.
EXPLORE: New And Upcoming Coinbase Listings To Watch Out For
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