Binance Refutes Defamatory Claims, Denies Token Dumping Allegations
According to Binance, accusations by Limitless Labs’ CEO that it demanded token supply and deposits for listings are false, with the exchange reaffirming it does not profit from such practices.
Fact Check
The provided evidence consistently and directly confirms that Binance has publicly refuted and denied allegations of token dumping. Multiple sources, including reputable crypto news outlets (The Block, Bitcoinsistemi) and an official Binance support channel (BinanceHelpDesk on X), explicitly quote the company's denials, where they label the claims as 'false,' 'defamatory,' 'unfounded,' and 'untrue'.
Summary
On October 15, Binance rejected claims from Limitless Labs CEO CJ Hetherington that the exchange required 8% of a project’s tokens plus cash and token deposits for listing. Binance described the allegations as false and defamatory, emphasizing that it does not profit from token listings and reserves the right to pursue legal action. The exchange reiterated its stance against token dumping and reaffirmed that deposits, when required, are refundable within a set period.
Terms & Concepts
- Listing Fee: A charge an exchange might impose for listing a cryptocurrency; Binance states it charges none.
- Refundable Deposit: Funds required by Binance during the listing process to safeguard users, returned upon meeting conditions.
- Token Dumping: The rapid sale of large quantities of a cryptocurrency, often causing a price drop; Binance rejects engaging in this practice.