South Korean crypto exchange Bithumb dismisses ‘listing fee’ claims

Jul 2, 2021 0 comments

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Bithumb — South Korea’s second-largest crypto exchange — has rubbished claims that it is charging token issuers fees to list their coins on its platform, according to a report by CoinDesk Korea.

Media outlet MBC News reported on Monday that Bithumb was requiring token issuers to pay more than US$90,000 for “listing developments” and “management,” citing copies of Bithumb’s listing agreements.

Bithumb told Coindesk that the term “listing fee” referred to money an exchange or a broker required from a cryptocurrency issuer in exchange for listing its token. Bithumb says on its website that it “does not ask for a listing fee under any pretext, and all rumors about listing fees are not true.”

A Bithumb official said: “It is different from the listing fee because it is a fee for development and operation such as system linkage just before the actual listing.”

Allegations that some Korean exchanges have been charging listing fees had been circulating for some time before a leaked contract between crypto rating service Xangle and a token issuer appeared to corroborate those claims. According to the contract, Xangle charged for “listing management services,” suggesting that it had been operating as a de facto broker between altcoin projects and virtual asset trading platforms.

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