The fairness of token listings on cryptocurrency exchanges remains one of the industry's most persistent controversies.
CoinW founder Gary on Thursday said exchanges must move beyond "pay-to-play" dynamics toward models that prioritize transparency, compliance, and community involvement.
"There are different ways to get listed on an exchange, and not all involve paying fees," Gary told Benzinga.
"Strategic listings might be free if a project aligns closely with the exchange's ecosystem goals. Community vote-for-listing models also give users a direct voice in the process. To me, the fairest model combines transparency, merit, compliance, and community involvement,” he said.
His comments come as CoinW marks its eighth anniversary, according to a company statement.
The exchange, which reports serving 15 million registered users and handling over $5 billion in daily trading volume, recently completed what it called a "full-stack upgrade."
The overhaul integrates centralized and on-chain services under one system, reflecting broader industry efforts to bridge traditional exchange infrastructure with decentralized tools.
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Gary pointed out that decentralized exchanges already allow projects to list tokens permissionlessly, but noted that this openness also comes with risks.
"For DeFi, listing is more open and permissionless," he said. "The key is to have secure smart contracts and sufficient liquidity to gain user trust,” he said.
The challenge, he suggested, is building a framework that satisfies regulators, users, and developers alike.
Global watchdogs have been pressing exchanges to tighten due diligence before listing new assets, raising compliance costs and creating higher barriers for smaller projects.
Against that backdrop, Gary argued that exchange-led transparency and community participation can help rebuild trust in listing decisions.
The anniversary release also outlined CoinW's expansion beyond spot markets into derivatives, on-chain trading products, and professional tools, areas where competition with larger rivals remains intense.
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