The SNEK team has submitted a governance proposal asking for 5 million ADA to fund listings on top-tier centralized exchanges. While the proposal doesn’t name specific platforms, it’s reasonable to assume they’re targeting giants like Binance, Kraken, or Coinbase. But what does it actually cost to get listed—and where does that money go? From marketing campaigns to liquidity provisioning and legal compliance, listing fees often cover far more than meets the eye. Dive into the full breakdown in our article. What Are Listing Fees? In the world of cryptocurrency, listing fees refer to the costs projects incur to have their tokens listed on centralized exchanges (CEXs). In the early days of crypto trading, many exchanges openly demanded flat fees—essentially a “pay-to-list” model. This meant that projects with deep pockets could buy visibility, while smaller ones were often excluded. Over time, this approach drew criticism for creating a pay-to-play ecosystem. Not only did it foster distrust among communities, but it also raised regulatory red flags. In response, leading exchanges like Coinbase, Binance, and Kraken began publicly declaring that their listing process is free and based strictly on merit. The Official Stance: “Listings Are Free” Most tier-one exchanges today emphasize fairness and transparency in their listing processes. Coinbase’s CEO has stated: “Listings are free and merit-based. Every asset is evaluated against the same standards.” This narrative helps exchanges present themselves as impartial marketplaces, not businesses that prioritize whoever can pay the most. It also helps them avoid accusations of favoritism or running unregistered securities markets. Binance made similar statements after facing backlash in its early years, when multiple projects alleged that listing required large payments. By rebranding the process as “merit-based,” exchanges attempt to distance themselves from the perception of corruption. The Reality: Indirect Costs and Hidden Fees While the formal listing process may not carry a fixed fee, getting listed on a major exchange is rarely free in practice. Projects face a long list of indirect costs that can rival—or even exceed—the flat fees once openly demanded. 1. Marketing and Promotion Exchanges strongly encourage projects to invest in: Banner ads on the exchange platform Trading competitions Promotional campaigns on X (Twitter) and other platforms These initiatives are technically optional, but in practice, they are expected. They build hype, generate user engagement, and ensure that a new listing attracts trading volume. For large projects, such marketing efforts can cost millions of dollars. Whenever you see a slick campaign promoting a token launch, it’s safe to assume the project team is footing the bill—not the exchange. 2. Liquidity Provision Exchanges want deep, stable markets from the moment a token lists. To make this happen, projects are often required to: Provide liquidity directly in stablecoins like USDT or USDC Deposit their own tokens with professional market makers Lock capital with liquidity providers The amounts involved are significant—often in the millions. This ensures that the token trades smoothly, with tight spreads and sufficient order book depth. 3. Earn Programs and Incentives Some exchanges run “Earn” or staking programs, where users receive tokens as rewards for learning or participating. To support these, projects usually supply large token allocations, effectively giving away millions in value to build adoption. 4. Compliance and Legal Requirements Especially in the U.S., compliance is a major hidden cost. To get listed on Coinbase or Kraken, projects often must provide: Legal opinions confirming that the token is not a security External audits to verify code security Penetration testing and infrastructure reviews These requirements can cost anywhere from hundreds of thousands to several million dollars, depending on the complexity of the project. Technical integration—such as setting up custodial systems or staking support—also requires time and engineering resources. Regional Differences: U.S. vs. Asia In the United States, exchanges avoid anything resembling direct listing fees to steer clear of SEC scrutiny. If a token were later deemed a security, charging for its listing could make the exchange look like an unregistered securities platform. In Asia, regulations have historically been more relaxed. Many exchanges in regions like Southeast Asia and offshore jurisdictions have openly charged for listings. Even today, mid-tier exchanges in Asia still rely heavily on listing fees as part of their business model. Some countries, however, are tightening rules. Japan has a whitelist system, South Korea enforces strict AML requirements, and Hong Kong recently introduced a licensing framework. But elsewhere in the region, pay-to-list remains common practice. What Does It Really Cost to Get Listed? Exact figures are rarely disclosed, but based on industry reports and leaked claims: Large CEX (Binance, Coinbase, Kraken, OKX, Huobi): $500K – $5M+ (or token allocations worth tens of millions) Medium CEX (KuCoin, Gate.io, MEXC): $100K – $500K Small CEX (regional/offshore): $5K – $25K DEX (Uniswap, PancakeSwap, etc.): $0 (permissionless), but projects must provide liquidity pools and cover gas fees Conclusion: More Than Just a Listing Fee While exchanges may insist that listings are free, the reality is that no serious project gets listed without significant investment. Whether through marketing, liquidity, compliance, or token allocations, the true cost can easily reach millions of dollars. For projects, listing is not just a technical milestone—it’s a major financial and strategic commitment. The exchanges may no longer send an invoice labeled “listing fee,” but the hidden costs of participation remain very real. Let's wish the SNEK team success with the listing on top-tier exchanges.
