According to Jared Tate, the DigiByte founder, the TRON project is “the biggest scam in crypto history”. Jared wants to warn the public that it was developed and promoted by the Chinese government. If the U.S. will allow operations of 18 “bad” cryptocurrencies like TRON on Binance.US, then an “unprecedented loss of faith in lawmakers” will occur.
Jared is sure that the coin’s purpose is to “dupe unknowing American citizens”. The ICO financial trap already did that, but apparently, Jared feels that there’s still lots of money waiting for proper thieves.
Tate Says Binance Used to Ask $300K+3% for Listing
If you wonder why DigiByte founder wants to strike the TRON ecosystem, it’s the thirst for revenge that pushes him forward. Back in 2017, Binance asked him how much money he could pay to list DigiByte on the platform. And that’s when it began. The support guy asked:
“How much you got?”
Tate said that at the conversation end he was shocked to receive a $300,000 listing invoice. Binance also demanded to acquire 3% of all the tokens’ monetary supply. This is a somewhat large percentage considering that’s not 3% from all the tokens currently in circulation, but from all the tokens possible.
Why are TRON and Binance Attacked by DigiByte Founder?
It appears that there is a motive behind Jared Tate’s claims. After Justin Sun bought Poloniex in late 2019, one of his first decision was to delist DigiByte. The exchange suddenly reported that the DGB token doesn’t fit the listing standard.
Justin Sun and Binance’s Changpeng Zhao are business partners with a long story of making deals together. In September 2019, Binance even became the largest block producer: Tron Super Representative. Now, the majority of the block rewards are collected by them solely.
Blockstack’s Undercover Binance Listing for $250,000
Binance has a long history of charging the projects with huge fees, usually taking the sum in the coins offered by the project leads. In October 2019, Blockstack had to pay $250,000 to appear at the exchange. It was said:
“As per a recent filing, Blockstack paid cryptocurrency exchange Binance 833,333 STX tokens (~$250,000) to list its Stacks token on the venue. Binance is the first marketplace to support the trading of Stacks. Blockstack raised $23 million in a RegA+ and RegS. …Binance, however, announced last week that it wouldn’t charge Blockstack a listing fee.”
To avoid regulatory scrutiny, both Binance and Blockstack claimed that it was a long term payment for some mysterious service. They stressed that it wasn’t a listing fee. However, Frank Chaparro of the Block has reached out to financial men:
“Binance and Blockstack can call the $250,000 charge whatever they want, but several 20-year-plus financial executives I spoke to reached the same conclusion as me: it is a listing fee by another name.”
It looks like Binance’s appetite has decreased since 2018, when the exchange was charging $2.6 million (in native tokens) for a project listing. And if you wonder where do they dump all that stash of coins given as listing fees… Well, there are some theories about why Binance is not taking cash or Bitcoin.
Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.