Cryptocurrency exchange Coinbase has announced it will list Binance's BNB token, a move that follows a heated debate within the crypto community regarding exchange listing practices. The decision, revealed on Wednesday, adds BNB to Coinbase's listing roadmap, a preliminary step before trading is officially launched.
The announcement comes amid discussions about the fees exchanges charge for listing tokens. Limitless Labs CEO CJ Hetherington sparked the debate by contrasting the alleged requirements for listing on Binance versus Coinbase. Hetherington claimed Binance demanded a security deposit of 2 million BNB for a spot listing, while Coinbase's requirements were to "build something meaningful on Base," their layer-2 network. Jesse Pollak, Head of Base, further fueled the discussion by stating, "it should cost 0% to be listed on an exchange".
Binance initially responded to Hetherington's claims with a since-deleted post threatening legal action, asserting they do not accept fees for listing tokens. However, Binance later apologized for the aggressive response. Whether influenced by the social media discourse or not, Coinbase's subsequent addition of BNB to its roadmap has been interpreted by some as a direct response to the debate and a sign of increasing transparency in listing practices.
Changpeng Zhao ("CZ"), the former CEO of Binance, praised Coinbase's decision. He further urged Coinbase to list more projects from the BNB Chain. CZ, while no longer in a managing role since stepping down as CEO in 2023, remains Binance's largest shareholder.
The crypto community has reacted with mixed opinions. Some view Coinbase's decision as a pragmatic response to community pressure, while others see it as a strategic move amidst growing regulatory scrutiny. Some community members have pointed out that Binance has listed tokens built on Base, Coinbase's Ethereum layer-2, and that Coinbase should reciprocate by listing more BNB Chain projects.
BNB serves multiple purposes within the Binance ecosystem. Launched in July 2017, it initially functioned as an ERC-20 token on Ethereum before transitioning to its own blockchain. It is used to pay trading fees on the Binance exchange, often at a discounted rate, and also serves as the native token for the BNB Chain, facilitating transactions and accessing decentralized finance (DeFi) applications. As of October 16, 2025, BNB's market capitalization stands at $160.68 billion.
Coinbase's listing of BNB is contingent on market-making support and sufficient infrastructure. While a specific launch date remains unconfirmed, the move is seen as a significant development, potentially signaling a new era of cooperation between major exchanges. Some analysts suggest that the listing could stimulate new demand for BNB, strengthening its utility and presence in the industry. Currently, BNB is not available for purchase through Coinbase, but users can sign up for updates.
