Shortly after Coinbase announced it would add BNB to its listing roadmap, CZ (Changpeng Zhao) took to X and fired off a dry response: “Not listing it is a loss for the exchange themselves. #BNB, keep building!” His tone did sound sarcastic, even as Coinbase signaled it would now support Binance’s native token.
CZ had earlier defended Binance’s listing practices, stating that the platform lists “all top coins over $100 billion market cap,” implicitly teasing Coinbase’s prior hesitation to include BNB.
Fee allegations: Who’s paying whom?
Tension over listing fees is a recurring theme in the exchange world. CJ Hetherington, CEO of Coinbase-backed Limitless Labs, publicly claimed Binance demanded a 1% token airdrop at listing and another 3% six months later, as well as optional marketing fees and deposit requirements. Binance strongly denied the claims, labeling them “false and defamatory.”
Meanwhile, Coinbase’s critics have pushed back on its “listing is free” claim. Andre Cronje of Sonic Labs and Justin Sun have countered that Coinbase asked for hundreds of millions of dollars in token allocations, deposits or other forms to list certain projects, whereas Binance allegedly charged nothing in those cases.
Thus, both sides have traded allegations: Binance insists it doesn’t levy listing fees; critics say it’s opaque. Coinbase claims zero listing fees; others allege it demands large financial commitments behind the scenes.
Why are BNB & Coinbase in focus?
BNB (originally Binance Coin) is the native token of the BNB Chain and the broader Binance ecosystem. It’s deeply integrated into Binance’s operations: paying fees, staking, governance, and facilitating DeFi activity. In 2025, BNB has seen a blistering rally, with surges tied to big token burns and renewed interest in institutional adoption.
Coinbase, by contrast, is the U.S.-based exchange and crypto platform that emphasizes regulatory compliance, security, and transparent listings. Its native stock symbol COIN has had a more modest trajectory than BNB over this period: while BNB surged, COIN has faced market pressures and volatility linked to broader crypto sentiment, regulatory pressure, and earnings expectations.
A high-stakes battle
If Coinbase proceeds to list BNB, it would open the token to a broader U.S.-based market and boost liquidity outside Binance’s native environment. But integration will depend on market-making support, legal compliance, and tech readiness. The listing frenzy is also renewing industry debates over fairness, transparency, and the economics of exchange listings.
CZ’s response fits into the narrative that in crypto, your rivals may one day carry your token.