Former Binance chief executive Changpeng Zhao escalated a public dispute with Coinbase this week by challenging the U.S.-based exchange to list more projects built on the BNB blockchain, intensifying what industry observers have labeled the "CEX listing wars." The confrontation follows Coinbase's decision to add BNB, Binance's native token, to its official listing roadmap—a move that marks an unusual interaction between two competitors that typically maintain distance from each other's ecosystems.
What to Know:
- Coinbase added BNB to its listing roadmap but said full trading depends on technical readiness and market-making requirements, which could delay activation.
- Critics have accused Binance of using high listing fees and selective gatekeeping, while Coinbase faces allegations of being slow to list non-Ethereum tokens despite claims of transparency.
- MEXC exchange's chief strategy officer said her platform charges small listing fees and prioritizes speed to meet user demand, suggesting different business models suit different exchange growth stages.
Exchange Tensions Draw Industry Scrutiny
“I would urge Coinbase to list more BNB chain projects. Binance has listed several Base projects. Don’t think Coinbase has listed a single BNB chain project yet. And it’s a more active chain. Not a trade. Just recommending, given we are on the topic of being open, inclusive, etc. Also good for the exchange, I believe,” CZ wrote on X.
The public exchange between Zhao and Coinbase has attracted attention across the cryptocurrency sector. Coinbase's roadmap addition appears to signal tentative openness, though the strategic calculations behind the announcement remain unclear.
Coinbase stated the listing would require meeting technical readiness standards and establishing market-making partnerships.
These conditions could postpone the token's availability for trading on the platform. The announcement sparked immediate speculation about Coinbase's motivations—whether the exchange sought to demonstrate goodwill or simply capitalize on media attention surrounding the dispute.
Binance has drawn criticism for its listing practices, with detractors pointing to what they describe as prohibitive fees and arbitrary selection processes. Coinbase has not escaped scrutiny either. The San Francisco-based exchange positions itself as transparent and user-focused but has historically moved slowly to list tokens outside the Ethereum network, leading to accusations of inconsistency between its stated principles and actual practices.
Competing Models and Strategic Positioning
Cecilia Hsueh, chief strategy officer at MEXC exchange, offered a different perspective on listing policies during the debate. "At MEXC, our first principle is simple — list more, list fast to meet user demand," she wrote on X, the platform formerly known as Twitter. "We do charge a listing fee, but it's small, probably the lowest among top CEXs, and it mostly goes into helping projects promote their launch."
Hsueh argued that exchanges operate under different business models based on their development stage and available liquidity.
Her comments suggested that fee-based structures should not be automatically dismissed as unfair.
The statement gained traction as tribal loyalties between Binance and Coinbase communities intensified.
Coinbase's acknowledgment of BNB, even in preliminary form, indicates a possible shift toward greater interoperability among competing platforms—a direction increasingly pushed by both users and regulators. Yet the underlying dynamics tell a more complex story. Exchanges compete aggressively for liquidity and market position, and cooperative gestures often serve strategic purposes beyond simple inclusivity.
The BNB token functions as the native cryptocurrency of both the Binance exchange and BNB Chain, a blockchain network that hosts various applications and tokens.
Market-making requirements, mentioned by Coinbase as a condition for listing, involve partnerships with firms that provide continuous buy and sell orders to ensure sufficient trading volume and price stability. Without adequate market-making support, newly listed tokens can experience extreme price volatility and poor user experience.
Closing Thoughts
The dispute between Zhao and Coinbase reveals persistent tensions in the cryptocurrency exchange sector, where competition for market share and narrative control remains intense despite occasional cooperative signals. While Coinbase's inclusion of BNB on its roadmap may suggest evolving industry dynamics, the underlying calculations driving such decisions continue to prioritize strategic advantage over genuine partnership.
