Crypto exchange Binance said it does not profit from its token listing process, calling allegations to the contrary “false and defamatory.”

The exchange’s statement came after an X post from Limitless CEO CJ Hetherington, alleging that Binance had requested 8% of the project’s token supply and a $2 million BNB security deposit to secure a token listing.

“Binance does not charge listing fees, and the security deposit is required for the protection of users,” said Binance.

“Allegations that Binance and its founders have been dumping tokens are also entirely untrue and unsubstantiated.”

This story is an excerpt from the Unchained Daily newsletter.

Some members of the crypto community disputed Binance’s statement. Pseudonymous crypto fraud analyst @MastrXYZ noted that a 2018 Binance announcement confirmed that listing fees existed, which was renamed donations to charity.

“That is still an economic transfer tied to listings,” said MastrXYZ, inviting Binance to publish its listing term sheets and its refund record to prove otherwise. 

A number of other users claiming to be project founders also alleged that Binance’s claims were entirely false.

“Not only was it unaffordable for small projects but it would give control over to Binance,” said X user @Solid_Primal.