Coinbase, the cryptocurrency exchange, has included Binance’s BNB token in its listing roadmap, coinciding with ongoing discussions among various online exchanges about their processes.
On Tuesday, Limitless Labs CEO CJ Hetherington shared insights on X, highlighting what he perceived as differing listing requirements between Binance and Coinbase. He noted that Binance’s criteria demanded a security deposit of 2 million BNB for a spot listing, while Coinbase’s focus was on “build[ing] something meaningful on Base.”
This sparked notable debate, further fueled when Jesse Pollak, Coinbase’s head of Base, commented that “it should cost 0% to be listed on an exchange.”
Binance initially reacted to Hetherington with a now-deleted post on X, threatening legal action and labeling some of his claims as “false and defamatory.” They asserted that they do not impose listing fees.
“While we uphold our stance, we acknowledge that our communication was excessive and we sincerely apologize to our users, partners, and the broader industry,” stated Binance in a follow-up on Wednesday to the deleted post.
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Regardless of social media influence, Coinbase announced the addition of BNB to its roadmap on Wednesday, suggesting plans to list the token. Former Binance CEO Changpeng “CZ” Zhao commended the decision while later encouraging Coinbase to “list more BNB Chain projects.”
CZ, who is now Binance’s largest shareholder but no longer operates in a management capacity following a deal with US authorities that led to his resignation as CEO in 2023, is still reported to control 64% of the circulating BNB supply, amounting to about 94 million tokens as of June 2024.
Increasing transparency for exchanges’ listings
Crypto traders recognize the significant impact that listing on a top-tier exchange can have, leading to an immediate price increase following news or gradual growth through wider adoption. Both Coinbase and Binance are adjusting their token listing processes in response to the increasing number of cryptocurrencies.
In March, Binance introduced a community co-governance model, enabling users to vote on token listings and delistings. This announcement followed CZ’s comments on X, where he labeled the exchange’s listing process as “a bit broken” due to delays between announcing a new token and its actual listing.
Coinbase CEO Brian Armstrong echoed similar sentiments in January, stating that the exchange needed to reevaluate its listing procedure, considering approximately “1 million tokens are created each week.” The exchange published a guide in September asserting that every token application was “free and merit-based,” incorporating both business assessments and legal reviews.
As of Thursday, BNB ranked as the third-largest cryptocurrency, boasting a market capitalization near $160 billion. Nansen data indicated that BNB was priced at $1,149 at the time of this publication.
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