Binance has issued an official response to allegations that it seeks to profit from listing new blockchain projects — accusations that surfaced after a startup founder claimed to have received a “listing proposal” from the exchange.
The Allegations
CJ Hetherington, CEO of Limitless Labs, published what he described as a proposal from Binance outlining specific terms for a token listing. According to him, these included an 8% share of the project’s airdrop and a $250,000 deposit in fiat.
Hetherington compared these terms to those of Binance’s competitor Coinbase, saying that the latter required only that a project “build something meaningful within the Base ecosystem.”
Limitless Labs — which previously secured backing from Coinbase Ventures and the Base Ecosystem Fund — reportedly raised $7 million as of July 2025.
The claim quickly spread across social media and was supported by 6MV founder Mike Dudas, who said that Binance had imposed similar terms on other projects in the past.
Binance’s Response
Binance called the accusations defamatory and warned that the disclosure of confidential information could have legal consequences. The company’s support team initially published a rebuttal post, which was later deleted — though screenshots remain circulating on X (formerly Twitter).
In its statement, Binance emphasized that:
- The exchange does not profit from the listing process;
- Deposits exist to protect users, and any project tokens are used for community rewards;
- Claims that Binance’s founders engage in market manipulation are “entirely false.”
Explaining the deleted response, Binance said:
“Our community may have noticed that we removed our previous post from Binance CS regarding the listing discussion. While we stand by our position, the tone of our communication was excessive. We sincerely apologize to our users, partners, and the industry as a whole.”
Reaction from Binance Executives
Former Binance CEO Changpeng Zhao (CZ) and Yi He, the company’s co-founder, also weighed in.
CZ remarked that projects with genuine value don’t need to pay for listings, as “exchanges actively chase quality.” He urged developers to focus on product strength rather than aggressive marketing.
Yi He clarified that Binance provides full transparency regarding marketing costs, which are distributed across initiatives like Binance Square promotions, Binance Academy content, and trading competitions. She added that listing deposits are refundable.
Regarding the Binance Alpha launch platform, Yi He noted:
“If you have a solid project, the right approach to Alpha isn’t an aggressive push for token listings. It’s about building early user traction and launching reliable products. Thousands of projects apply, but those with a fundamentally strong infrastructure truly stand out.”
What’s Next
The Incrypted editorial team reached out to Binance for additional comments and will update the story if new information emerges.
This controversy follows earlier criticism from CZ himself about how token listings are perceived — suggesting that transparency and credibility in the listing process remain one of the industry’s most sensitive topics.
