Binance deletes ‘excessive’ post amid uproar over asset listings

Core Viewpoint - Binance, the largest crypto exchange, has retracted its threat to sue the founder of a prediction market, acknowledging that its communication was excessive and apologizing to users and the industry [1]. Group 1: Allegations and Responses - CJ Hetherington, founder of Limitless, claimed that Binance demanded 8% of a new token's supply and over $2 million for listing the token, leading to accusations of Binance "dumping" tokens on retail investors [2]. - Binance initially threatened legal action against Hetherington, labeling his posts as "false and defamatory," while also confirming some details of his allegations [4]. - The company expressed surprise at Hetherington's unauthorized disclosure of confidential communications and reserved the right to take legal action [4]. Group 2: Industry Reactions - The controversy sparked a debate over listing standards at Binance and other centralized exchanges, with some crypto investors and DeFi founders criticizing Binance's practices [3]. - Conversely, several entrepreneurs defended Binance, with Nicolas Vaiman, CEO of Bubblemaps, stating that Binance was clear about its listing requirements and has provided ongoing promotional support for listed tokens [3]. Group 3: Historical Context - The issue of payment for token listings is not new, as evidenced by a previous lawsuit where BiT Global accused Coinbase of monopolizing the market for wrapped Bitcoin products [5]. - Additionally, allegations against Binance regarding excessive listing fees have surfaced before, including a claim from Jeffy Yu, who stated that Binance requested $1 million to list a token from his now-defunct project [6].