TLDR
- Coinbase added BNB to its listing roadmap after heated debate over exchange requirements.
- Limitless Labs CEO claimed Binance required 2 million BNB deposit for spot listings.
- Former Binance CEO CZ controls 64% of BNB supply, praised Coinbase listing decision.
- Both exchanges now implementing community voting and transparency in listing processes.
Coinbase announced Wednesday that it added Binance’s BNB token to its listing roadmap. The move followed heated online discussions about cryptocurrency exchange listing requirements. The debate erupted when Limitless Labs CEO CJ Hetherington contrasted listing criteria between the two major platforms. His post sparked industry-wide conversations about transparency and fairness in token listings.
Coinbase head of Base Jesse Pollak joined the conversation, arguing that exchange listings should cost nothing. Binance initially responded aggressively before apologizing for its communication approach. The incident highlighted ongoing tensions in the cryptocurrency industry regarding listing processes.
Social Media Debate Ignites Industry Discussion
Hetherington posted Tuesday on X, comparing what he claimed were listing requirements. According to the CEO, Binance demanded a 2 million BNB security deposit for spot listings. Meanwhile, Coinbase required projects to build something meaningful on Base. Pollak responded by stating that listings should cost zero percent.
However, Binance initially threatened legal action against Hetherington through a now-deleted post. The exchange claimed his statements were false and defamatory. Notably, Binance insisted it did not accept listing fees. The company later deleted its threatening response and issued an apology. The exchange acknowledged its communication was excessive and apologized to users and industry partners.
Coinbase Moves Forward With BNB Integration
Coinbase added BNB to its roadmap Wednesday following the social media exchange. Former Binance CEO Changpeng Zhao praised the decision on X. Additionally, he urged Coinbase to list more projects from BNB Chain. CZ stepped down as CEO in 2023 following a deal with US authorities.
However, he remains Binance’s largest shareholder without operational responsibilities. Reports indicate CZ controlled 64 percent of BNB’s circulating supply as of June 2024. This amounts to approximately 94 million tokens. His continued influence in the ecosystem remains significant despite his departure from management.
Exchanges Enhance Transparency in Listing Procedures
Both platforms have implemented changes to improve their listing processes. Binance launched a community co-governance structure in March. The system allows users to vote on listing or delisting tokens. CZ previously stated the exchange’s process was somewhat broken.
He cited delays between announcement and actual listing as problematic. Meanwhile, traders recognize that top-tier exchange listings significantly impact token prices. Listings typically cause immediate price surges or gradual increases through adoption. The growing number of cryptocurrencies has pushed exchanges toward greater transparency.
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