Review: Binance vs Bybit: Which Crypto Exchange is Better in 2024?

Key Allegations and Statements

1. Simon Dedic - CEO of Moonrock Capital

Simon Dedic, CEO of Moonrock Capital, ignited the controversy with a bold claim:

• Allegation: Binance allegedly demanded that projects provide 15% of their total token supply in exchange for getting listed on the exchange.
• Context: If true, such a demand would raise serious questions about the ethical practices of Binance when onboarding new projects.

2. Brian Armstrong - Founder and CEO of Coinbase

In response to the conversation surrounding listing fees, Brian Armstrong from Coinbase made a clarifying statement:

• Claim: Listing on Coinbase is completely free. Source: https://www.coinbase.com/blog/listing-assets-on-coinbase-is-free-and-always-has-been
• Emphasis: Armstrong reinforced that Coinbase doesn’t charge for listings, aligning with their mission to provide a transparent and fair platform for crypto projects.

3. Andre Cronje - Team Member of Fantom (Sonic)

Adding fuel to the fire, Andre Cronje, associated with the Fantom project (known as Sonic), provided contrasting insights:

• Claim: Cronje stated that Binance does not charge listing fees.
• Counter Allegation: In contrast, he claimed that Coinbase has requested enormous fees, ranging from $300 million to $30 million over the years, with a recent example being $60 million.

4. Yi He - Co-Founder of Binance

Yi He, Co-Founder of Binance, stepped in to defend Binance's practices:

• Clarification: Yi He explained that any tokens received from projects were used for airdrop programs and partnerships aimed at benefiting the user community.
• Rebuttal: She implied that accusations of Binance requesting 15% of a token supply as a listing fee were misleading.

The Heated Exchange Continues

Simon Dedic fired back at Yi He with a pointed question:

• Challenge: Simon asked, "So, are you implying that everyone else (like Coinbase) is lying, and Binance has never demanded 15% of the token supply for a listing?"

Context and Industry Background

To better understand these disputes, it’s essential to consider past actions:

• Binance’s Policy Update (2018): Binance previously announced that listing fees would be transparent and donated to charity. Projects were allowed to propose their own donation amount, with the funds going to social causes. Source: Binance Listing Fee Update

What Does This Mean for the Crypto Community?

The drama and mixed statements highlight a larger issue: transparency in how exchanges operate and onboard new projects. While Binance stresses its user-centric initiatives, Coinbase stands firm on its claim of zero listing fees.

‍

Review: Binance vs Bybit: Which Crypto Exchange is Better in 2024?

‍

Conclusion

This situation underscores the necessity for clear, verifiable practices in the crypto industry. With major players like Binance and Coinbase at the center of such allegations, the call for transparency becomes louder. Whether these claims are exaggerated or based on fact, one thing is certain: the crypto world is watching closely, and the truth will shape future expectations for exchange integrity and fairness.

‍