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Altcoin
Binance Penalized This Altcoin for Continuously Falling Price
An altcoin founder reported that they were penalized by Binance due to the price consistently performing poorly.
Author:
Mete Demiralp
04.11.2024 – 18:25
Update:
7 seconds ago
In a recent statement, the Conflux Network co-founder known as Forgiven shared information regarding the circumstances surrounding the listing of the CFX token on Binance.
The statement noted that Binance did not charge Conflux any initial listing fees. However, due to the token’s poor price performance post-listing, the project was penalized with a 150,000 BUSD deposit, which was later reduced to zero.
Forgiven also revealed that Conflux did not encounter any security breaches during its relationship with Binance. As a result, the 5 million CFX security deposits held by the exchange were fully refunded.
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The founder made the following statement:
“Binance received zero listing fees from CFX. There was a 150k BUSD deposit payment that was later reduced to zero due to penalties for token performance. There was also 5 million CFX tokens that were eventually returned as there was no security breach on the Conflux Network.”
However, Forgiven also called out Brian Armstrong, who recently claimed that he does not charge fees for Coinbase listings, which some crypto projects deny. In this case, Forgiven demanded that CFX be listed on Coinbase.
*This is not investment advice.
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