Multicoin's perspective on U.S. venture capital: Listing fees on CEX should not be zero, but 71% of tokens flow to CZ and Binance's pockets.

The controversy between Binance founder CZ and Limitless co-founder CJ seemed to cool down, but late at night on the 16th, Forrest, the founder of the prediction market Opinion invested by YZi Labs, couldn't help but speak out, accusing CJ of launching a premeditated joint attack against Binance. Meanwhile, Tushar Jain, co-founder of the well-known American venture capital firm Multicoin and an early investor in Solana, also expressed his disagreement with Coinbase's “0 listing fee”, but he mentioned that more than 70% of the so-called BNB Airdrop ended up in CZ and Binance's pockets.

Multicoin: Listing fees are a normal business model, but over 70% of Binance's airdrop goes into their own pockets.

Tushar Jain, co-founder of the American venture capital fund Multicoin, disagreed with Jesse Pollak, the head of Base chain, who proposed that “the cost of listing on exchanges should be 0%.” He stated, “I disagree with this viewpoint. Listing fees are a reasonable component of the business model for exchanges. An unacceptable practice is to misreport listing fees or mislead everyone into thinking that this is not a listing fee, but rather for opaque and unverifiable Airdrop or margin.”

Turning the conversation, he cited last year's survey by Forbes, which indicated that when Binance announced an Airdrop to $BNB holders, about 71% of the Airdrop would flow to Binance and CZ. Forbes further revealed that CZ owns 64% of the total supply of $BNB .

Forbes stated that during the ICO period in 2017, Binance claimed to sell 100 million BNB at a price of $0.15, but actually raised less than $5 million, and the unsold tokens were transferred to a wallet controlled by CZ and Binance.

The key point of listing fees is transparency, and airdrops or margin disguises should not be used.

In response, Limitless co-founder CJ said: “Even if the listing condition is 0% token supply, it doesn't mean there are no costs, right? Some exchanges may choose to waive listing fees out of goodwill, or because they can earn fees from trading volume anyway.”

The co-founder of IoTeX, raullen.eth, pointed out sharply: “NASDAQ charges listing fees, and exchanges provide infrastructure, compliance, and exposure; these are their actual costs. Importantly, transparency matters: fees should be legal, public, and reasonable, rather than disguised as an Airdrop or margin.”

This article presents the perspective of the American venture capital firm Multicoin: the listing fee for tokens on CEX should not be zero, but 71% of tokens flow into CZ and Binance's pockets. This was first reported by Chain News ABMedia.