Binance Fires Back at Listing Fees Allegations
Binance, one of the largest crypto exchanges, was accused of requesting fees from smaller coins so they can be listed on the platform. CEO Changpeng Zhao shot back against these allegations in a series of tweets.
After Cristopher Franko, Expanse co-founder claimed he had received an email from Binance in which it asked for 400 BTC (~$2.5 million) so that it can list his coin, Changpeng immediately fired back and stated that his company does not list “shitcoins” even without charging fees.
“We don’t list shitcoins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more listed with no fee. Question is not “how much does Binance charge to list?” but “is my coin good enough?” It’s not the fee, it’s your project! Focus on your own project!”
“Also, the email Franko showed is a spoofed/scam email, not from Binance. Binance never quotes fees in email, and not in BTC. Project owners should be able to spot email spoofing. Those who can’t should not issue a coin. The communication process/method tells a lot about a coin,” tweeted the CEO of Binance.
There are many from the crypto community which suspect that the reason why certain exchanges do not list certain coins is due to a coin’s lead developers did not comply to some secret arrangement in which they were required to pay a huge amount of money for their coin to be listed.
Current investigation has shown that several cryptocurrency exchanges actually ask startups sums between $50,000 to $1 million in exchange for listing their coins.
In Binance’s particular case, there is no proof that this sort of deal went down. The speculations started when Franko tweeted a message which said that Binance asked a listing quote of 400 BTC to list Expanse.
“Just got a new @binance listing quote. 400 BTC”
This tweet produced quite a stir in the community, many being unsurprised about the claim. Even so, Franko posted another tweet in which it was featured a partial screenshot of an email that was apparently sent from binance.com’s address.
He explained that it could not have been a spoof because it was sent from Binance’s domain name. But, it should be noted that it can be very easy to manipulate an SMTP protocol, which is used in email sending, by using a basic PHP script and some obscure mail services.
But unless the full email header is revealed, what server was used to send the email and, the IP address of the sender, the truth will continue to remain unknown.
Currently, it’s just a debate, with both parties having no solid evidence that can reveal what actually happened.