Can an agency or market maker get a token listed?
No. Binance accepts applications only from a founder or key team member and says that using an intermediary leads to disqualification and blacklisting. Kraken and Bitget also state that they do not work through external agencies.
Binance announced a reward of up to $5 million for reports of listing fraud on 17 December 2025 and treats anyone who asks for payment for a listing as a scammer. TDMM's role sits beside the application, not in it: the project applies, and TDMM prepares the market the exchange will look at.
What do exchanges publish about listing?
The table holds only what each exchange states on its own pages. Blank cells mean the exchange publishes nothing we could verify.
| Exchange | How to apply | Stated fee policy | Liquidity and market maker expectation |
|---|---|---|---|
| Binance | Founder or key team member only, with separate forms for Spot, Futures and Alpha | No fee for evaluation or application; no listing is ever guaranteed | Report market maker details and contract terms; profit-sharing and guaranteed-profit models are not accepted |
| Coinbase | Request a review at coinbase.com/listings | Free and merit-based | Anticipated liquidity is a business criterion; depth is monitored in a phased launch |
| Kraken | Form at kraken.com/listings/apply only | Never charges a fee to list; no paid fast track | Projects must engage their own qualified market makers; Kraken can pause or delist for liquidity breaches |
| Bitget | Listing application portal | No additional charges; no external agencies | |
| KuCoin | Token Listing link on kucoin.com, under NDA | ||
| MEXC | Listing form or listing email | Advises projects to provide liquidity for smooth trading |
What does a listing review look like?
Timelines are short where they are published. Coinbase says review to listing is generally under 30 days. Kraken aims to respond within two weeks and says provisional approval to listing day is generally two to six weeks.
- Direct applicationSubmitted by the project's own team
- Business screenTraction, tokenomics, anticipated liquidity
- Legal, compliance, technical reviewSecurities analysis, KYC, contract and audit checks
- DecisionA listing committee decides
- IntegrationWallets, pairs and market maker coordination
- Launch and monitoringDepth and volatility watched after listing
What is known about listing costs?
Official statements and founder claims conflict. Each row is labelled by who said it. None of the founder claims has been proven.
| Claim | Who said it | Response | Status |
|---|---|---|---|
| Binance asked for 15% of a project's supply | Simon Dedic, Moonrock Capital, November 2024 | Binance co-founder He Yi denied it | Founder-claimed |
| Coinbase asked for $30 million to $300 million | Andre Cronje, November 2024 | Coinbase's CEO said listings are free | Founder-claimed |
| Binance asked for 8% of supply plus a $2 million deposit | CJ Hetherington, Limitless, October 2025 | Binance said token allocations go to users and deposits are refundable | Founder-claimed |
| Security deposits are typically refundable within one to two years | Binance, October 2025 | Exchange statement, reported by The Block | |
| Some exchanges charge listing fees | Changpeng Zhao, October 2025 | Media-reported |
Does a listing lift the price?
The evidence says no. Animoca Research reviewed 773 listings on five exchanges between January and September 2024, as reported by CryptoSlate. The median token fell after listing on every exchange where the figure is clear.
Median decline of tokens after listing, January to September 2024
What happens to price after the first close?
Median price as a multiple of the first daily close, 753 listings
How thin is a newly listed order book?
New books are the thinnest books. TDMM found that tokens in the tightest third by spread were 19.9 percentage points more likely to be above their first close at day 90. That is an association, not proof of cause.
| Measure | Books 0 to 30 days old | Books over 2 years old |
|---|---|---|
| Median spread | 52.3 bps | |
| Median bid depth within 1% | $823 | |
| Share that cannot absorb a $50,000 sell | 76.2% | |
| Cost to sell $50,000 | 629 bps | 78 bps |
Can a listed token be removed?
Yes, and smaller tokens are most exposed. A ChainCatcher analysis counted 144 Binance spot delistings between February 2022 and August 2026, 42 of them in 2026, and found that 49% of spot tokens with a fully diluted value under $10 million were delisted in 2026 against none above $100 million. Binance's first Vote to Delist round removed 14 tokens on 16 April 2025, with trading volume and liquidity among the stated factors.
In the EU, admission to trading also carries a document duty. Under MiCA Article 5, the party seeking admission must draw up, notify and publish a crypto-asset white paper, unless the token is already admitted on another EU platform with a compliant white paper and consent. The rule has applied to new admissions since 30 December 2024.
What does TDMM do at each stage of a listing?
- Day -90 to -60
Venue plan
A shortlist of exchanges and DEXs matched to the token's stage, holder regions and budget.
- Day -60 to -30
Liquidity plan and contract
Spread and depth targets per venue, deal structure, and a contract free of profit share that can be reported to the exchange.
- Day -30 to -1
Set-up
Accounts in the project's name, trade-only keys, inventory funding and API tests.
- Day 0
First trade
Two-sided quotes from the first second, with wider limits agreed for the first hours.
- Day 1 to 90
Post-listing
Spread and depth held to target as volume settles, with reports and planning for the next venue.
How should a project prepare for an exchange listing?
- 1
Apply directly
Use the exchange's own form, submitted by a founder or key team member.
- 2
Assemble documents
White paper, tokenomics, contract and audit links, team details and, in the EU, a MiCA white paper.
- 3
Appoint a market maker
On terms with no profit share and a defined use for loaned tokens.
- 4
Fund and test
Accounts, keys, inventory and API tests done before the listing time.
- 5
Plan the first 90 days
Spread and depth targets for the period when volume falls and reviews begin.
Frequently asked questions
Who can help with token listings?
Exchanges accept applications from the project itself. Advisers and market makers can help a project prepare documents, tokenomics and liquidity. TDMM prepares the liquidity side and runs the market from the first trade, but it does not submit applications or sell listings.
Does Binance charge a listing fee?
Binance states that it charges no fee for project evaluations or listing applications. Its October 2025 statements also describe refundable security deposits and token allocations that go to users. Founder claims of larger demands are unproven.
Can an agency get my token listed?
No. Binance disqualifies and blacklists projects that apply through intermediaries, and Kraken and Bitget state that they do not work with external listing agencies.
How long does a listing take?
Coinbase says review to listing is generally under 30 days. Kraken says it aims to respond within two weeks and that provisional approval to listing day is generally two to six weeks. Most other exchanges publish no timeline.
Do I need a market maker to list?
Kraken says projects must engage their own qualified market makers. Binance asks projects to report their market maker's details and contract terms. Coinbase lists anticipated liquidity as a business criterion.
Does a listing raise a token's price?
The evidence says no. Animoca Research found median returns of about -40% to -70% after listing in 2024, and the median token in TDMM's study of 753 listings traded at 0.46 times its first close after 90 days.
Why does token volume drop after listing?
Listing-day volume reflects attention and early holders trading. In TDMM's study the median token's daily volume was 0.23 times day one after 30 days and 0.09 times after 90 days.
Do I need a MiCA white paper for an EU listing?
Yes, under MiCA Article 5, unless the token is already admitted on another EU platform with a compliant white paper and the issuer's written consent.
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TDMM publishes this page about its own service. It is information only and is not investment, legal or tax advice. TDMM does not promise token prices or trading volume. Benchmarks and model outputs are dated and sourced in each caption.