400 BTC. That’s apparently how much Christopher Franko, the Expanse project’s co-founder, was told to pay by Binance employees to secure a spot on the world’s most popular crypto-to-crypto exchange. As it stands, 400 BTC is worth approximately $2.5 million, making such an exorbitant listing fee out of the reach of many bona fide cryptocurrency projects.
Image courtesy of @frankocurrency on Twitter
However, according to a recent tweet storm from Changpeng Zhao, the CEO of Binance, this is far from the truth. On Saturday morning, the Binance executive, better known as CZ to the cryptocurrency community, drew attention to the claimant’s evidence of an email from “[email protected]” quoting the aforementioned fee. According to Zhao, “the email Franko showed is a spoofed/spam email, not from Binance,” which implies that an innovative, yet conniving individual found a way to disguise his/her/their email as if it was from an official Binance address.
Although it remains to be seen whether CZ’s claim of spoofing is accurate, he went on to note that the fact that Franko wasn’t able to spot the “spoofed” email might reflect badly on the project. Adding more to this sentiment, the Binance executive wrote:
“We don’t list s***coins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more were listed with no fee (paid). Question is not “how much does Binance charge to list?” but “is my coin good enough?” It’s not the fee, it’s your project! Focus on your own project!”
Although not explicitly stated, this statement alludes to the fact that Binance charged a high fee due to the quality (or lack thereof) the exchange’s staff team sees in the Expanse project.
The Community Questions CZ’s Rebuttal
However, upon the release of these tweets, Zhao fell under fire from skeptical community members. One user, going by @danielcpigeon, questioned the legitimacy and bias of Binance’s listing process that has kept behind closed doors.
So why not standardize the process and make all this info public? Let everyone know what criteria a coin must meet in order to be listed for free. It would also be helpful to be transparent about listing fees to avoid confusion and misinformation
— Daniel C Pigeon 🌊🌊 (@danielcpigeon) August 11, 2018
Another Twitter user doubled down on this sentiment, noting that the way in which people evaluate a cryptocurrency project varies widely from person to person, so how can Binance ensure its methods are in-line with the community?
Even Christopher Franko, the aforementioned Expanse executive, had something to say in response to CZ’s rebuttal. While Franko issued dozens of tweets regarding the subject, there were a few that stood out and goes to show his opinion on the matter.
At first, the Expanse representative remained cordial, inviting CZ to speak with him through DMs to clear up the fee, writing:
@cz_binance if you are being genuine that it really doesnt cost 400 BTC to list @ExpanseOfficial there, then send me a DM with a real quote so we can clear this up. I believe you are probably an honorable person and the people want to know you are who you say you are.”
But as time went on, and seemingly no progress was made, Franko began to show his warranted anger and frustration through a series of impassioned tweets against Binance’s listing fee practice. It remains to be seen whether Binance representatives will respond to this expose attempt.
But for now, this debacle might have ended, as Franko noted that Changpeng had blocked him on Twitter, putting an end to the back and forth talk that was likely going on between the representatives of the two entities.
— Christopher Franko 🧐 (@FrankoCurrency) August 11, 2018