Coinbase has made headlines with its recent decision to add Binance’s native token, BNB, to its official listing roadmap, marking the first instance of the U.S. exchange supporting a rival’s flagship asset. The announcement from Coinbase Markets indicates that trading of BNB will commence once adequate “market-making support and sufficient technical infrastructure” are put in place. While this doesn’t guarantee an immediate listing, it signals a noteworthy shift in Coinbase’s listing policies.
The timing of this development is particularly intriguing. Just a week prior, Jeff Dorman, Chief Investment Officer at Arca, publicly criticized Coinbase for inconsistent listing standards. He pointed out that the exchange had allowed the inclusion of “some of the absolute worst assets,” while overlooking high-performing tokens from competing platforms. Dorman argued that this selective nature left Coinbase caught between functioning as an open marketplace and maintaining a curated selection.
The mounting criticism seems to have influenced Coinbase’s decision to add BNB to its roadmap. The pressure intensified following a separate dispute between Binance and Limitless Labs—a company backed by Coinbase Ventures. Limitless Labs CEO, CJ Hetherington, alleged that Binance had requested about 8% of his project’s token supply along with cash and security deposits for a potential listing. Binance denied these claims, labeling them as “false and defamatory,” and insisted that any deposits required are refundable to deter scams.
In light of this controversy, Jesse Pollak, head of Coinbase’s Base network, tweeted that “exchange listings should cost 0%,” drawing scrutiny back to Coinbase itself. Critics responded by urging the exchange to “lead by example” and list BNB, suggesting that failing to do so undermined Coinbase’s message of transparency and fairness.
This development aligns with Coinbase’s rollout of “The Blue Carpet,” a new suite of tools intended to enhance the accessibility and transparency of its listing process. The Blue Carpet initiative allows asset issuers to communicate directly with Coinbase’s listings team and offers customizable asset pages across both its centralized exchange and retail DEX. Additionally, it provides discounts for services like MiCA whitepaper support and Coinbase One subscriptions for selected project teams. Coinbase reiterated that listings and applications remain free, emphasizing its focus on legal, compliance, and technical criteria over a project’s popularity or market cap.
Following the announcement, BNB experienced a brief surge of 2%, peaking at $1,175 before stabilizing. The token, which originally launched in 2017 through an ICO on Ethereum, has since transitioned to the Binance Chain and is now a significant asset within the broader BNB Chain ecosystem. BNB has maintained its status as one of the world’s most actively used cryptocurrencies, supporting numerous decentralized applications and trading platforms.
Despite facing criticism over the years for excluding BNB, Coinbase’s current decision reflects both a strategic and symbolic pivot. While the exchange maintains that additions to its roadmap are not guaranteed listings, the inclusion of BNB illustrates a potential reevaluation of its listing criteria amidst external scrutiny.
Amidst this backdrop, BNB’s performance remains robust, recently achieving a new all-time high of $1,370 as it continues to flourish despite overall market volatility. The BNB Chain recently processed over 500 million transactions in just 30 days, a significant increase fueled by rising retail engagement and interest in Binance-native meme coins. Investor confidence in BNB appears strong, underlined by its unique buyback model and growing utility within its ecosystem.
