Clarification on XRP Listings
In recent statements, Changpeng Zhao, who previously held the position of CEO at Binance, clarified that the cryptocurrency exchange has not removed XRP from its listings despite the ongoing legal challenges Ripple faces from the U.S. Securities and Exchange Commission (SEC). Zhao, often referred to as CZ, emphasized that Binance continues to include all cryptocurrencies boasting a market capitalization exceeding $100 billion on its platform.
Discussion on Listing Requirements
CZ also commented on the broader dynamics of cryptocurrency listings during a discussion triggered by remarks from CJ Hetherington, CEO of Limitless Labs. Hetherington had disclosed what he termed Binance’s stringent requirements for securing an ‘alpha listing’, which grants early access to trading on the platform. He alleged that projects seeking a fee-free listing must distribute a significant portion of their total supply—specifically, 4% through promotional airdrops to Binance users while designating another 1% for Binance’s marketing efforts. Furthermore, he contended that prospective clients are required to provide a $250,000 security deposit alongside a hefty $2 million security deposit in BNB tokens as collateral for spot listings.
Response to Criticism
In response, Zhao appeared to dismiss Hetherington’s assertions, suggesting that successful projects inherently possess enough value that they shouldn’t need to negotiate listing fees. He suggested Hetherington exhibited a ‘loser mentality’ in his approach.
Further Critiques and Clarifications
Furthermore, as discussions intensified, Jesse Pollak, the creator of Base, a layer-2 blockchain developed by Coinbase, criticized Binance’s fees, asserting that there shouldn’t be any cost attached to token listings.
Contradicting the criticisms, Zhao noted that listing fees are imposed primarily on listings deemed high-risk. Co-founder of Binance, He Yi, reiterated that any deposits made in conjunction with these listings are, in fact, refundable, aiming to ease concerns regarding financial commitment for new projects entering the Binance ecosystem.
