Is This the Reason for the Decline in New Altcoins? Allegations Break Out

A new debate has erupted in the cryptocurrency industry over the costs associated with listing tokens on major centralized exchanges (CEXs).

The issue gained further importance after Moonrock Capital CEO Simon made striking claims regarding a top-tier project’s attempt to list on Binance.

According to Simon, the project, which raised around nine figures in funding, was asked to provide 15% of the total token supply in exchange for listing.

Simon Claims Listing Fees Asked by Exchanges Cause New Altcoins to Fall

“After over a year of due diligence with Binance, they finally received a listing offer. Binance wanted 15% of the total token supply. Imagine paying $50-100 million just for a CEX listing. Not only is this unaffordable for projects, but it is also the biggest reason these tokens are falling on the charts. Something needs to change,” Simon shared.

This statement has sparked differing viewpoints within the crypto community, especially after Coinbase CEO Brian Armstrong responded by claiming that Coinbase does not charge fees for asset listings. “Asset listings on Coinbase are free, drop us a note via our Asset Center and we’ll see if we can help,” Armstrong said.

However, Andre Cronje, a well-known name in the decentralized finance (DeFi) space and associated with projects like Fantom (FTM), disputed Armstrong’s statement. Recounting his past experiences, Cronje claimed that Binance did not charge any listing fees, while Coinbase demanded significant amounts. “Binance asked us for $0. Coinbase asked us for $300 million, $50 million, $30 million, and finally $60 million. I have a lot of respect for you. But this is absolutely not true,” he said.

*This is not investment advice.

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