Cryptocurrency Exchange Coinbase has added Binance’s BNB token to its roadmap for listings amid a series of online exchanges discussing the process.
On Tuesday, Eternal Labs CEO CJ Hetherington posted In X, the comparison he claims is the requirements for a token to be listed on Binance instead of Coinbase. According to the CEO, Binance’s requirements include a security deposit of 2 million BNB (BNB) for a listing area, while Coinbase’s is limited to “build(ing) something meaningful on the base.”
The online exchange sparked a debate, which only seemed to intensify when Coinbase’s head of base, Jesse Pollak, chimed To say “It should cost 0% to be listed on an exchange.”
Binance initially responded to Hetherington with a deleted X Post, threatening legal action against the CEO and calling some of his claims “false and defamatory.” The exchange announced that it does not accept fees for token listings.
“While we stand by our position, the way we communicated was excessive and we sincerely apologize to our users, partners, and the wider industry,” said Binance in a follow-up to Wednesday’s deleted post.
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Influenced by the social media debate or not, Coinbase followed By adding BNB to its roadmap on Wednesday, indicating that it plans to list the token. Former binance CEO Changpeng “CZ” Zhao praised the transition but also later encouraged Coinbase on “List more BNB chain projects.”
CZ is Binance’s largest shareholder but is no longer in a management or operational role Following a deal with the US authorities That drops him as CEO in 2023. However, he is reportedly still in control 64% of circulating supply of BNB to nearly 94 million tokens by June 2024.
Increasing transparency for listing exchanges
Crypto traders know the value that any token has listed on a top-tier exchange may cause price to advance immediately following the news or slowly through greater adoption. Both Coinbase and Binance have taken steps to implement new changes to the token listing process as the number of cryptocurrencies increases.
In March, Binance A community co-governance structure was launchedwhich allows users to vote to list or delist tokens. The announcement comes weeks after CZ posted on x, claimed the exchange process is “slightly broken” due to the time between announcing a new token and listing it.
Coinbase CEO Brian Armstrong make similar comments In January, saying that the company needed to rethink its listing process, given about “1 million tokens a week being created now, and growing.” The exchange released A September guide says each token application is “free and merit-based,” and includes a business review and legal review.
As of Thursday, BNB is the third-largest cryptocurrency with a market capitalization of nearly $160 billion. According to data from Nansen, the price of BNB was $1,149 at the time of publication.
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