Allegations of High Listing Fees
TRON’s founder Justin Sun recently responded to claims by Coinbase CEO Brian Armstrong that the platform offers free asset listings. Sun disclosed that Coinbase allegedly asked for 500 million TRX tokens, valued at around $80 million, to list TRON’s native token. Additionally, he claimed that Coinbase requested a $250 million Bitcoin deposit in Coinbase Custody to boost liquidity on the exchange.
In response to Armstrong’s assertion that Coinbase charges no listing fees, Sun stated, “Lots of respect. But this is simply not true.”
TRON’s Free Listing on Binance
Sun mentioned that Binance listed TRON without any fees. Supporting his claim, Andre Cronje, co-founder of Sonic Labs, shared his own experiences. Cronje noted that Coinbase approached his teams, demanding listing fees ranging from $30 million to $300 million.
Concerns Over High Fees Impacting Projects
Cronje’s remarks emerged after Simon Dedic, CEO of Moonrock Capital, raised concerns about Binance’s listing fees. According to Dedic, Binance required 15% of a project’s total token supply. For some projects, this cost would range between $50 million and $100 million. Dedic argued that such high fees could harm project liquidity and create volatility, ultimately putting strain on new projects.
Cronje commented, “Binance charged us $0. Coinbase has asked us for $300 million, $50 million, $30 million, and recently $60 million.”
Coinbase Defends Its Listing Policy
In response, Armstrong reiterated that Coinbase does not charge for listing assets. He emphasized that Coinbase offers a fee-free alternative compared to Binance. Meanwhile, former Coinbase Cloud Engineer Luke Youngblood challenged Sun and Cronje’s claims. Youngblood suggested that scammers impersonating Coinbase representatives may have targeted them, which is a known issue in the crypto industry. “Coinbase doesn’t charge for listings. They never have and never will,” he wrote.
Coinbase Workforce Growth Signals Industry Recovery
Coinbase recently announced its largest workforce size in nearly two years. In its Q3 report, Coinbase revealed it now has 3,672 full-time employees, marking a potential rebound in crypto industry hiring. This growth suggests that the cryptocurrency sector may be recovering from the hiring freezes and slowdowns experienced in 2022.
Justin Sun Scores a Win Against the SEC
In another development, TRON’s founder Justin Sun achieved a legal victory against the U.S. Securities and Exchange Commission (SEC). In August, a New York District Judge denied an SEC motion aimed at weakening Sun’s defense. This decision, issued by Judge Edgardo Ramos, represents a setback for the SEC, which filed its case in March 2023. The SEC’s lawsuit alleges that Sun and the TRON Foundation conducted unregistered securities sales, manipulative trading, and illegal promotion of crypto assets, specifically TRX and BitTorrent (BTT) tokens.
In April, Sun’s legal team filed to dismiss the lawsuit, claiming that the SEC lacks jurisdiction over foreign transactions on international platforms. The SEC later updated its filing, arguing that Sun’s travels to the U.S. justified its involvement.
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