Brian Armstrong recently announced that Coinbase would be reexamining its listing process due to the sheer volume of new coins—almost one million are created every week.
Unable to miss the opportunity to take a swipe, Justin Sun, founder of TRON (TRX), pointed out that TRX has been under review for seven years despite hitting an all-time high and even being purchased by the crypto entity associated with the President of the United States. Sun emphasized that Coinbase has lost “the most basic fairness and industry judgment in new listings.”
A typical example of Coinbase's listing process is Tron, one of the world's top 10 cryptocurrencies, which has been under review for listing on Coinbase for seven years. During this period, TRX's price hit new highs, the U.S. President started buying TRX, and a TRX ETF is nearing… https://t.co/gEtUbOYjUp
— H.E. Justin Sun 🍌 (@justinsuntron) January 26, 2025
This beef between the two is not new. Coinbase and BiT Global are engaged in an ongoing legal battle over the delisting of wrapped Bitcoin (wBTC). During the dispute, one Coinbase legal filing claimed Sun, who is heavily invested in the Hong Kong firm, “reportedly violated industry and government standards intended to prevent fraud.”
Another shady project associated with the name of Justin Sun was stUSDT. The token mimicking the name of the largest stablecoin was claiming billions of "staked" USDT at the beginning of 2024. Justin Sun reportedly used the minted stUSDT coins to replenish reserves of his other crypto entities.
Most recently, Mr. Sun announced abnormally high yield on his stablecoin project without justifying the source and mechanics behind it.
As TRX continues to gain traction, the crypto community will be watching closely to see if Coinbase will reconsider its stance on TRX or face further scrutiny over its decision-making processes. Because right now, to many in the industry, it looks like they just "don't like Justin Sun."