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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, Limitless Labs CEO CJ Hetherington published to X, contradicting what he claimed were 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 spot list, while Coinbase are limited to “build[ing] something significant on the Base.
The online exchange sparked debate, which only seemed to intensify when Coinbase’s CEO Jesse Pollak hit in to say “it should cost 0% to be listed on an exchange”.
Binance initially responded to Hetherington with a since-deleted X post, threatening legal action against the CEO and calling some of his claims “false and defamatory.” The exchange stated that it did not accept fees for listing tokens.
“While we stand by our position, the way we communicated was excessive and we sincerely apologize to our users, partners and the wider industry.” he said Binance in a follow-up to the deleted post on Wednesday.
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Whether influenced by the social media debate or not, Coinbase followed adding BNB to its roadmap on Wednesday, indicating that it plans to list the token. Former Binance CEO Changpeng “CZ” Zhao praised the move but also after I urged Coinbase to “list more BNB Chain projects”.
CZ is Binance’s largest shareholder, but is no longer in a management or operational role after an agreement with the American authorities which had him resign as CEO in 2023. However, he still controlled 64% of the circulating supply of BNB to about 94 million tokens by June 2024.
Increase transparency for exchange listings
Crypto traders know the value of having some token listed on a top tier exchange may have to cause the price to rise immediately after the news or slowly for 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 launched a community co-governance structurewhich allows users to vote to list or delist tokens. The announcement came a few weeks after CZ posted on X, claim the exchange process it was “a bit broken” due to the time between announcing a new token and listing it.
Brian Armstrong, CEO of Coinbase made similar remarks in January, saying that the company needed to rethink its listing process, given that there were about “1 million tokens per week that are being created now, and growing.” The exchange released guidance in September saying that each token application was “free and merit-based,” and included a business assessment and legal review.
As of Thursday, BNB was the third largest cryptocurrency with a market capitalization of approximately $160 billion. According to Nansen data, the BNB price was $1,149 at the time of publication.
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