Changpeng Zhao (CZ), founder of Binance, addressed growing backlash against the exchange’s token listing practices in a detailed X post.
The criticism, amplified by recent comments from Coinbase’s Jesse Pollack and complaints from smaller crypto projects, accused Binance of charging exorbitant fees up to $2 million in BNB security deposits, requiring airdrops to users, or demanding up to 10% of token supply for listings.
Pollack called Binance’s model “expensive and extractive” compared to Coinbase’s fee-free approach, sparking debates on fairness and centralization in crypto. CZ’s “unpopular opinion” thread pushes back firmly, emphasizing project merit over blame, market freedom, and user protection.
He argues that strong projects attract listings organically, without payments, and urges the industry to stop “quote attacks” on competitors. Strong projects get chased by exchanges; begging reveals deeper issues (“who is providing value to whom?”).
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Bag holders should complain to the project team or use DEXs like PancakeSwap which has no listing fees and strong volumes. If rivals dislike Binance’s model, they should drop their own fees to zero—including trading fees—to compete fairly.
In a “decentralized world,” business models vary; no one’s forced to follow suit. Focus on users, not competitors. CZ outlines common approaches, noting Binance mixes them for spot, futures, and “Alpha” launches.
Permissionless: List everything risky, as most tokens are scams; few succeed. Selective listings with revenue from fees common for small exchanges lacking trading volume. Refundable deposits or user airdrops to deter scams and protect users.
He stresses transparency: Listings include detailed reports for teams, and marketing fees fund ecosystem tools like Binance Academy.
On Listing “Fees” saw this a few times recently If you are a project complaining about listing airdrops or “fees” (to users), Don’t pay it. If your project is strong, exchanges will race to list your coin. If you have to beg an exchange to list, then… You need to ask yourself why, and who is providing value to whom.
If you complain about a competitor exchange’s listing fees, then by all means, make your own listing fees 0, and be happy. In fact, why not set all your fees to 0? including trading fees? In a decentralized world, businesses are free to have their own business models.
No one is forcing you to adopt a certain model. Focus on treating your users well. Don’t focus on your competitors. If you are a bag holder of a coin, complain to the project. Not the exchange. Or use a DEX.
PancakeSwap doesn’t have listing fees, and has very good volumes. Further on this topic, exchanges adopt different listing models. Work on your project, not other people.
This echoes CZ’s long-standing stance: In 2018, he tweeted that Binance lists coins like ETH, NEO, and BTC with zero fees, rejecting “shitcoins” even if offered 4,000 BTC.
In 2024, responding to Justin Sun’s similar claims about Coinbase, CZ reiterated: “Bitcoin never paid any listing fees. Work on the project, not the exchange.”
The post follows a $21.75B outflow from Binance amid unrelated FUD (e.g., flash crash rumors), which CZ attributes to user caution rather than internal issues. Supporters like Sun Tron founder, Huobi/Poloniex owner back CZ, claiming Binance charged zero for TRX years ago.
Critics highlight perceived double standards like BNB not on Coinbase and ongoing FUD about “Alpha” listings. CZ promotes self-listing on DEXs or BNB Chain for permissionless access, aligning with his post-prison focus on building via Giggle Academy.
This response reinforces Binance’s “quality over money” ethos while defending its user-protection measures, amid a market where listings remain a hot-button for project survival.