CZ: “Stop Playing Favorites and Let the Market Decide”

Coinbase’s long-standing reluctance to list tokens from competing ecosystems is once again under the spotlight — and this time, Binance founder Changpeng “CZ” Zhao is calling the exchange out directly.

After years of silence on one of the world’s largest cryptocurrencies, Coinbase has finally added BNB, Binance’s native token, to its official listing roadmap. The move marks a rare acknowledgment of a rival’s dominance — but CZ says it’s still not enough.

The timing couldn’t be more contentious. Just last week, Arca CIO Jeff Dorman accused Coinbase of inconsistent listing standards, claiming it supported “some of the absolute worst assets” while ignoring high-performing tokens from rival networks.

For years, Coinbase has faced criticism for keeping its listings confined to ecosystems it directly supports — including Ethereum, Base, and select Layer-2 projects — while shunning tokens tied to direct competitors like Binance.

In response to Coinbase’s long-awaited BNB inclusion, CZ struck a balanced but pointed tone. While thanking the exchange for taking the first step, he urged Coinbase to go further — by listing more BNB Chain–based projects and ending what he described as “selective inclusion” across blockchain ecosystems.

“Binance has listed several Base projects. I don’t think Coinbase has listed a single BNB Chain project yet. And it’s a more active chain.”

His message was clear: if Coinbase truly stands for transparency and open markets, it must let performance — not politics — speak for itself.

CZ emphasized that his comments weren’t about demanding reciprocity, but about promoting cross-chain fairness. He added that deeper Coinbase engagement with the BNB ecosystem would ultimately benefit both platforms and their users.

Indeed, Binance has already listed several Base-native projects, including Brett (BRETT), Kaito (KAITO), and Aixbt (AIXBT) — all originating from a network developed by a direct competitor. These listings, CZ noted, highlight Binance’s willingness to support innovation across ecosystems, regardless of origin.

The Numbers Don’t Lie: BNB Chain Outpaces Base

Data backs up CZ’s argument. According to DeFiLlama, the BNB Chain currently holds more than $8.76 billion in total value locked (TVL) across its DeFi ecosystem — nearly double that of Coinbase’s Base network, which stands at just under $5 billion.

Analysts argue that this makes Coinbase’s long-standing hesitation to list BNB Chain projects increasingly difficult to justify. As the fifth-largest cryptocurrency by market capitalization, BNB’s absence from Coinbase has long been seen as strategic exclusion rather than sound market logic.

Coinbase’s sudden shift could signal a pragmatic change — one that prioritizes user demand and liquidity over ecosystem loyalty. For Binance, however, it’s a symbolic victory: recognition that the BNB Chain’s scale and innovation can no longer be ignored.

In a related post, CZ addressed the ongoing debate around exchange listing fees, urging developers to focus on innovation rather than negotiation.

“If your project is strong, exchanges will race to list your coin,” he wrote. “If you have to beg an exchange to list, you need to ask yourself who is providing value to whom.”

His comments underscored a broader point — that in a truly open market, strength, utility, and user adoption should determine listings, not backroom deals or brand allegiances.

Meanwhile, the BNB Chain continues to dominate in on-chain activity. According to Nansen, daily active addresses on BNB Chain hit a record 3.46 million, surpassing its previous all-time high from December 2023.

Over the past month alone, the network recorded more than 500 million successful transactions — a 151% increase compared to the previous period. BNB Chain now trails only Solana, which logged 1.8 billion transactions over the same timeframe, reaffirming its position as one of the most active blockchain ecosystems in the world.

A Turning Point for Exchange Neutrality?

CZ’s comments have reignited a crucial debate about exchange neutrality in crypto. For years, leading exchanges like Binance and Coinbase, have acted not only as marketplaces but also as ecosystem gatekeepers—shaping which projects gain visibility, liquidity, and legitimacy.

As the crypto industry matures, calls for fair, cross-chain representation are growing louder. If Coinbase takes CZ’s challenge seriously and adopts a merit-based listing approach, it could mark the start of a new era of inclusivity — one where competition fuels innovation rather than fragmentation.

In CZ’s words: “This isn’t about rivalry — it’s about fairness.” And perhaps, it’s also a reminder that in the decentralized future, no chain should have to fight for recognition it’s already earned.