Justin Sun, the founder of Tron (TRX) and advisor to the HTX crypto exchange, has expressed dissatisfaction with Coinbase’s project listing requirements. The criticism comes after the crypto mogul praised the Binance exchange for its zero listing charges.
Justin Sun Slams Coinbase
The drama started with Simon Dedic, the CEO of Moonrock Capital, who commented on Binance listing fees. He claimed a Tier 1 project that had raised nearly $100 million was asked to pay 15% of its total token supply worth over $50 million for a listing in the largest crypto exchange.
The Moonrock Capital executive condemned this practice, citing its unaffordability for projects and contribution to market volatility. Coinbase CEO Brian Armstrong responded, claiming that listing assets on Coinbase was always free.
However, Justin Sun, founder of Tron, contradicted the Coinbase CEO’s claim. He revealed that the Tron team had paid 500 million TRX (worth $80 million) and was required to deposit $250 million in Bitcoin into Coinbase Custody, contrasting with Armstrong’s assertion of free listings.
Meanwhile, Sun’s comment about Binance’s free listing was met with a response from Dedic, who argued that things have changed in the exchange currently. The Moonrock Capital executive said that was “ages ago,” likely referring to 2018, when TRX first traded on the platform.
Crypto Community Reacts to Listing Saga
The controversy surrounding exchange listing requirements has resulted in crypto users expressing concerns. In response to Sun, Binance CZ highlighted the need for unity and focus on innovation, saying: “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.”
Another crypto entrepreneur, Alex Davis, emphasized the need for crypto users to adopt decentralized exchanges while urging centralized platforms to make its listing requirements clear. He added, “The point of crypto was to disintermediate from 3rd parties, not create new ones raking in their own fees.”
While the exchange listing requirements seem to concern some, others are more interested in how the upcoming U.S. elections will affect the crypto industry. Recently, VanEck’s head of digital assets research, Matthew Sigel, shared his bullish sentiment about the price of BTC post-election. At press time, the asset was trading at $68,710, which is 6.87% from its peak.
