Binance "Does not profit from token listings"…refutes claims of demanding payment

The world's largest virtual asset (cryptocurrency) exchange Binance has denied that it profits from the process of listing its tokens. This is an official response to an allegation raised by CJ Hedrington, CEO of Limitless Labs, that "Binance demanded 8% of a project's tokens."

On the 14th (local time), Binance said in a statement posted on social media X that "we do not derive any benefit from the token listing process" and that "the statement is false and defamatory." It also suggested possible legal action, saying that "CJ's illegal and unauthorized disclosure of private communications has harmed industry trust."

Earlier, Hedrington of Limitless Labs, which received investment from Coinbase Ventures and the Base Ecosystem Fund, claimed that Binance demanded 8% of project tokens and a separate cash/token deposit as a condition for listing.

In response, Binance explained that "Binance does not charge listing fees, and deposits in cash or tokens are mostly refunded within 1~2 years." It added that "there have been no cases of executives selling tokens related to listings."

However, some market participants raised the view that unofficial costs exist. In the industry, there are claims that it has been customary for project teams to allocate up to 7% of tokens for listing on major exchanges.

Meanwhile, cryptocurrency analyst Mike Dudas said on X that "in the past month I have personally seen listing offers with conditions similar to Limitless," adding that "this appears to be a method Binance has maintained for years."