[{"data":1,"prerenderedAt":2205},["ShallowReactive",2],{"blog-how-to-choose-trading-pairs-token-listing":3,"related-how-to-choose-trading-pairs-token-listing":659},{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":8,"description":9,"date":10,"author":11,"category":12,"tags":13,"keywords":19,"image":25,"readTime":26,"body":27,"_type":653,"_id":654,"_source":655,"_file":656,"_stem":657,"_extension":658},"/blog/how-to-choose-trading-pairs-token-listing","blog",false,"","How to Choose Trading Pairs for a Token Listing: USDT vs USDC vs BTC vs ETH","Trading pairs for token listing: USDT vs USDC vs BTC vs ETH compared on liquidity, arbitrage, inventory cost and regional fit, with a pick by project stage.","2026-10-27","Fibonacci Capital","Exchanges",[14,15,16,17,18],"exchanges","trading pairs","token listing","liquidity","market making",[20,21,22,23,24],"trading pairs for token listing","USDT vs USDC trading pair","best quote asset for token listing","BTC vs ETH trading pair","DEX pool pairing","/assets/images/blog/how-to-choose-trading-pairs-token-listing.jpg","8 min read",{"type":28,"children":29,"toc":631},"root",[30,38,45,50,55,91,97,102,312,318,323,328,333,338,343,348,353,358,363,368,374,379,385,390,423,437,443,448,453,504,517,523,529,534,540,545,551,556,562,567,572,578,612,618],{"type":31,"tag":32,"props":33,"children":34},"element","p",{},[35],{"type":36,"value":37},"text","For most token listings, the right choice is one primary stablecoin pair, usually TOKEN/USDT, with TOKEN/USDC added only where the venue or your audience calls for it, and BTC or ETH pairs added later once the main book is healthy. Stablecoin pairs concentrate liquidity, make price easy to read, and keep inventory costs low for whoever is quoting the market. The mistake we see most often is the opposite: a team lists five pairs on day one, and each book ends up too thin to trade well. This guide compares the quote assets honestly, shows how DEX pool pairing differs, and gives a verdict by project stage.",{"type":31,"tag":39,"props":40,"children":42},"h2",{"id":41},"why-the-quote-asset-matters",[43],{"type":36,"value":44},"Why the Quote Asset Matters",{"type":31,"tag":32,"props":46,"children":47},{},[48],{"type":36,"value":49},"A trading pair is two things at once: a price and a funnel. The quote asset (the second half of TOKEN/QUOTE) decides what unit your price is expressed in, which traders can reach your token with one click, and how much risk a market maker carries when holding inventory against it.",{"type":31,"tag":32,"props":51,"children":52},{},[53],{"type":36,"value":54},"Three effects follow from that choice:",{"type":31,"tag":56,"props":57,"children":58},"ul",{},[59,71,81],{"type":31,"tag":60,"props":61,"children":62},"li",{},[63,69],{"type":31,"tag":64,"props":65,"children":66},"strong",{},[67],{"type":36,"value":68},"Liquidity concentrates where traders already hold the quote asset.",{"type":36,"value":70}," Most traders sit in stablecoins or BTC. Pairing against what they already hold means fewer conversion steps and more orders.",{"type":31,"tag":60,"props":72,"children":73},{},[74,79],{"type":31,"tag":64,"props":75,"children":76},{},[77],{"type":36,"value":78},"Price discovery happens in the deepest pair.",{"type":36,"value":80}," Other pairs tend to follow it through arbitrage. If your deepest book is poorly chosen, your reference price becomes noisy.",{"type":31,"tag":60,"props":82,"children":83},{},[84,89],{"type":31,"tag":64,"props":85,"children":86},{},[87],{"type":36,"value":88},"Every additional pair needs its own inventory and its own quotes.",{"type":36,"value":90}," Depth is not free, and it does not appear on its own.",{"type":31,"tag":39,"props":92,"children":94},{"id":93},"the-comparison-quote-assets-side-by-side",[95],{"type":36,"value":96},"The Comparison: Quote Assets Side by Side",{"type":31,"tag":32,"props":98,"children":99},{},[100],{"type":36,"value":101},"The table below is qualitative on purpose. Exact depth, fees and rules differ by venue, so treat it as a framework for your own checks, not as a ranking from data.",{"type":31,"tag":103,"props":104,"children":105},"table",{},[106,145],{"type":31,"tag":107,"props":108,"children":109},"thead",{},[110],{"type":31,"tag":111,"props":112,"children":113},"tr",{},[114,120,125,130,135,140],{"type":31,"tag":115,"props":116,"children":117},"th",{},[118],{"type":36,"value":119},"Factor",{"type":31,"tag":115,"props":121,"children":122},{},[123],{"type":36,"value":124},"USDT",{"type":31,"tag":115,"props":126,"children":127},{},[128],{"type":36,"value":129},"USDC",{"type":31,"tag":115,"props":131,"children":132},{},[133],{"type":36,"value":134},"BTC",{"type":31,"tag":115,"props":136,"children":137},{},[138],{"type":36,"value":139},"ETH",{"type":31,"tag":115,"props":141,"children":142},{},[143],{"type":36,"value":144},"Exchange token / fiat",{"type":31,"tag":146,"props":147,"children":148},"tbody",{},[149,183,216,249,280],{"type":31,"tag":111,"props":150,"children":151},{},[152,158,163,168,173,178],{"type":31,"tag":153,"props":154,"children":155},"td",{},[156],{"type":36,"value":157},"Liquidity concentration",{"type":31,"tag":153,"props":159,"children":160},{},[161],{"type":36,"value":162},"Typically the most active quote on offshore and global venues",{"type":31,"tag":153,"props":164,"children":165},{},[166],{"type":36,"value":167},"Strong on some venues, usually secondary to USDT on others",{"type":31,"tag":153,"props":169,"children":170},{},[171],{"type":36,"value":172},"Large holder base, but trading behaviour is different from stablecoin flow",{"type":31,"tag":153,"props":174,"children":175},{},[176],{"type":36,"value":177},"Large holder base, strong in on-chain-native communities",{"type":31,"tag":153,"props":179,"children":180},{},[181],{"type":36,"value":182},"Narrow audience; fiat depends on local access",{"type":31,"tag":111,"props":184,"children":185},{},[186,191,196,201,206,211],{"type":31,"tag":153,"props":187,"children":188},{},[189],{"type":36,"value":190},"Price discovery and arbitrage",{"type":31,"tag":153,"props":192,"children":193},{},[194],{"type":36,"value":195},"Common reference for cross-venue arbitrage, so price tracks other books closely",{"type":31,"tag":153,"props":197,"children":198},{},[199],{"type":36,"value":200},"Works well as a reference where USDC books are deep",{"type":31,"tag":153,"props":202,"children":203},{},[204],{"type":36,"value":205},"Token price moves with two assets, which adds noise",{"type":31,"tag":153,"props":207,"children":208},{},[209],{"type":36,"value":210},"Same: token price moves with two assets",{"type":31,"tag":153,"props":212,"children":213},{},[214],{"type":36,"value":215},"Harder to compare across venues; fewer arbitrageurs",{"type":31,"tag":111,"props":217,"children":218},{},[219,224,229,234,239,244],{"type":31,"tag":153,"props":220,"children":221},{},[222],{"type":36,"value":223},"Market maker inventory cost",{"type":31,"tag":153,"props":225,"children":226},{},[227],{"type":36,"value":228},"Low: quote side holds a stable unit",{"type":31,"tag":153,"props":230,"children":231},{},[232],{"type":36,"value":233},"Low, similar to USDT",{"type":31,"tag":153,"props":235,"children":236},{},[237],{"type":36,"value":238},"Higher: quote inventory moves with BTC price",{"type":31,"tag":153,"props":240,"children":241},{},[242],{"type":36,"value":243},"Higher: quote inventory moves with ETH price",{"type":31,"tag":153,"props":245,"children":246},{},[247],{"type":36,"value":248},"Depends on the asset; exchange tokens can be volatile",{"type":31,"tag":111,"props":250,"children":251},{},[252,257,262,266,271,275],{"type":31,"tag":153,"props":253,"children":254},{},[255],{"type":36,"value":256},"Volatility of the quote",{"type":31,"tag":153,"props":258,"children":259},{},[260],{"type":36,"value":261},"Low in normal conditions",{"type":31,"tag":153,"props":263,"children":264},{},[265],{"type":36,"value":261},{"type":31,"tag":153,"props":267,"children":268},{},[269],{"type":36,"value":270},"High relative to stablecoins",{"type":31,"tag":153,"props":272,"children":273},{},[274],{"type":36,"value":270},{"type":31,"tag":153,"props":276,"children":277},{},[278],{"type":36,"value":279},"Varies; local fiat has its own currency risk",{"type":31,"tag":111,"props":281,"children":282},{},[283,288,293,298,303,307],{"type":31,"tag":153,"props":284,"children":285},{},[286],{"type":36,"value":287},"Regional and regulatory fit",{"type":31,"tag":153,"props":289,"children":290},{},[291],{"type":36,"value":292},"Widely used globally; some regulated venues restrict or limit it",{"type":31,"tag":153,"props":294,"children":295},{},[296],{"type":36,"value":297},"Often preferred on regulated venues and by institutions",{"type":31,"tag":153,"props":299,"children":300},{},[301],{"type":36,"value":302},"Broadly accepted",{"type":31,"tag":153,"props":304,"children":305},{},[306],{"type":36,"value":302},{"type":31,"tag":153,"props":308,"children":309},{},[310],{"type":36,"value":311},"Useful for specific regions and on-ramps",{"type":31,"tag":313,"props":314,"children":316},"h3",{"id":315},"usdt",[317],{"type":36,"value":124},{"type":31,"tag":32,"props":319,"children":320},{},[321],{"type":36,"value":322},"USDT is the default for a reason: on many large global venues it is the quote asset where the most volume and the most market makers already live. A TOKEN/USDT book is easy to arbitrage against other venues, easy for traders to value, and cheap for a market maker to quote because the quote-side inventory does not swing in value.",{"type":31,"tag":32,"props":324,"children":325},{},[326],{"type":36,"value":327},"The caveats are regional. Some regulated venues and jurisdictions limit or restrict USDT, and some institutional counterparties prefer a different stablecoin. Check the rules of each venue rather than assuming.",{"type":31,"tag":313,"props":329,"children":331},{"id":330},"usdc",[332],{"type":36,"value":129},{"type":31,"tag":32,"props":334,"children":335},{},[336],{"type":36,"value":337},"USDC tends to be the stablecoin of choice on regulated venues and with institutional or US-adjacent audiences, though the exact picture varies by exchange. For a project targeting those groups, a USDC pair can matter as much as the USDT one.",{"type":31,"tag":32,"props":339,"children":340},{},[341],{"type":36,"value":342},"For market makers the economics resemble USDT: stable quote inventory, straightforward hedging. The practical question is whether the USDC book on a given venue is deep enough to justify a second set of quotes. On venues where USDT dominates, a USDC pair added too early can sit nearly empty.",{"type":31,"tag":313,"props":344,"children":346},{"id":345},"btc",[347],{"type":36,"value":134},{"type":31,"tag":32,"props":349,"children":350},{},[351],{"type":36,"value":352},"A TOKEN/BTC pair reaches holders who prefer to stay in BTC and who may not want to convert through a stablecoin. It carries a prestige factor on some venues and appeals to long-term crypto-native traders.",{"type":31,"tag":32,"props":354,"children":355},{},[356],{"type":36,"value":357},"The cost is that your token's price now moves with BTC as well as with your own demand. For a market maker, this means quote-side inventory that gains and loses value on its own, so it must be hedged or priced into the spread. Spreads on BTC pairs for young tokens tend to reflect that extra risk. It also complicates reading your token's performance: a flat TOKEN/BTC price can hide a falling dollar price.",{"type":31,"tag":313,"props":359,"children":361},{"id":360},"eth",[362],{"type":36,"value":139},{"type":31,"tag":32,"props":364,"children":365},{},[366],{"type":36,"value":367},"ETH pairs are similar in structure to BTC pairs but lean toward on-chain-native users, especially for tokens built on Ethereum or its ecosystem. They matter more on DEXs than on most centralized venues (more on that below). The same caveats apply: two moving prices, and hedging cost for whoever quotes it.",{"type":31,"tag":313,"props":369,"children":371},{"id":370},"exchange-tokens-and-fiat-pairs",[372],{"type":36,"value":373},"Exchange tokens and fiat pairs",{"type":31,"tag":32,"props":375,"children":376},{},[377],{"type":36,"value":378},"Pairs against an exchange's own token, or against a local fiat currency, can be useful for a specific reason: reaching that venue's user base or a regional on-ramp. They are narrow by nature. Liquidity is limited to people who hold that asset, arbitrage is harder because few other venues list the same pair, and the quote asset has its own risks, from exchange-specific exposure to currency moves. Treat them as an add-on for a clear regional goal, not as a primary pair.",{"type":31,"tag":39,"props":380,"children":382},{"id":381},"dex-pool-pairing-a-different-problem",[383],{"type":36,"value":384},"DEX Pool Pairing: A Different Problem",{"type":31,"tag":32,"props":386,"children":387},{},[388],{"type":36,"value":389},"On a centralized exchange, an order book holds many orders and a market maker updates them. On an automated market maker (AMM), liquidity sits in a pool, and the pair you choose decides who can trade against it and what risk liquidity providers take.",{"type":31,"tag":56,"props":391,"children":392},{},[393,403,413],{"type":31,"tag":60,"props":394,"children":395},{},[396,401],{"type":31,"tag":64,"props":397,"children":398},{},[399],{"type":36,"value":400},"Token/ETH (or the chain's native asset) pools",{"type":36,"value":402}," are the traditional default. Most on-chain traders hold the native asset, routing is simple, and many aggregator paths run through it. The cost: liquidity providers carry exposure to two volatile assets, which increases impermanent loss relative to a stablecoin pair.",{"type":31,"tag":60,"props":404,"children":405},{},[406,411],{"type":31,"tag":64,"props":407,"children":408},{},[409],{"type":36,"value":410},"Token/stablecoin pools",{"type":36,"value":412}," are easier to value and let traders enter and exit in dollar terms. Liquidity providers face less quote-side volatility, but only the token side moves against the stable side, and traders must hold or swap into the stablecoin.",{"type":31,"tag":60,"props":414,"children":415},{},[416,421],{"type":31,"tag":64,"props":417,"children":418},{},[419],{"type":36,"value":420},"Concentrated liquidity",{"type":36,"value":422}," lets a provider place capital in a chosen price range. A tighter range gives deeper effective liquidity per dollar, but it needs active management and goes inactive if price leaves the range.",{"type":31,"tag":32,"props":424,"children":425},{},[426,428,435],{"type":36,"value":427},"The pair choice also affects arbitrage between DEX and CEX books. An ETH-paired pool and a USDT-paired order book on a centralized venue price your token through different quote assets, so ETH's own moves create arbitrage flow between them. That can be healthy, but it also means price gaps can open for reasons unrelated to your token. Our piece on ",{"type":31,"tag":429,"props":430,"children":432},"a",{"href":431},"/blog/crypto-arbitrage-strategies",[433],{"type":36,"value":434},"crypto arbitrage strategies",{"type":36,"value":436}," explains how these gaps get closed and why a well-aligned pair structure makes them smaller.",{"type":31,"tag":39,"props":438,"children":440},{"id":439},"why-too-many-pairs-early-thins-your-depth",[441],{"type":36,"value":442},"Why Too Many Pairs Early Thins Your Depth",{"type":31,"tag":32,"props":444,"children":445},{},[446],{"type":36,"value":447},"Every pair is a separate book. If you list TOKEN/USDT, TOKEN/USDC, TOKEN/BTC and TOKEN/ETH on the same venue on day one, you have not multiplied your liquidity by four. You have divided the same capital and the same trader attention across four books.",{"type":31,"tag":32,"props":449,"children":450},{},[451],{"type":36,"value":452},"What this looks like in practice:",{"type":31,"tag":56,"props":454,"children":455},{},[456,474,484,494],{"type":31,"tag":60,"props":457,"children":458},{},[459,464,466,472],{"type":31,"tag":64,"props":460,"children":461},{},[462],{"type":36,"value":463},"Thinner depth per book.",{"type":36,"value":465}," The same inventory spread across more pairs gives each book fewer orders near the mid price, so a mid-sized trade moves price further. Our guide to ",{"type":31,"tag":429,"props":467,"children":469},{"href":468},"/blog/importance-of-order-book-depth",[470],{"type":36,"value":471},"order book depth",{"type":36,"value":473}," explains why that matters for how traders perceive your token.",{"type":31,"tag":60,"props":475,"children":476},{},[477,482],{"type":31,"tag":64,"props":478,"children":479},{},[480],{"type":36,"value":481},"More arbitrage surface, less capital to close it.",{"type":36,"value":483}," Four pairs mean more price relationships to keep aligned. If inventory is short, gaps between pairs persist and spreads widen to compensate.",{"type":31,"tag":60,"props":485,"children":486},{},[487,492],{"type":31,"tag":64,"props":488,"children":489},{},[490],{"type":36,"value":491},"Weaker price discovery.",{"type":36,"value":493}," Volume split across several books means none of them is a convincing reference price.",{"type":31,"tag":60,"props":495,"children":496},{},[497,502],{"type":31,"tag":64,"props":498,"children":499},{},[500],{"type":36,"value":501},"Higher operating cost.",{"type":36,"value":503}," More pairs mean more quoting infrastructure, more inventory to rebalance and more to monitor.",{"type":31,"tag":32,"props":505,"children":506},{},[507,509,515],{"type":36,"value":508},"The same logic applies across exchanges, not only within one. For the wider picture of how capital gets divided across venues and pairs, see our guide on ",{"type":31,"tag":429,"props":510,"children":512},{"href":511},"/blog/cross-exchange-liquidity-management",[513],{"type":36,"value":514},"cross-exchange liquidity management",{"type":36,"value":516},".",{"type":31,"tag":39,"props":518,"children":520},{"id":519},"which-pair-to-pick-by-project-stage",[521],{"type":36,"value":522},"Which Pair to Pick by Project Stage",{"type":31,"tag":313,"props":524,"children":526},{"id":525},"pre-launch-and-launch",[527],{"type":36,"value":528},"Pre-launch and launch",{"type":31,"tag":32,"props":530,"children":531},{},[532],{"type":36,"value":533},"Pick one primary stablecoin pair per venue, in most cases USDT. Put all your market making inventory and your attention there. If a regulated venue is a priority and USDT is limited or unavailable, use USDC as the primary on that venue instead of adding it as a second pair. On a DEX, choose between a native asset pool and a stablecoin pool based on where your first buyers hold their funds, and avoid splitting initial liquidity across several pools.",{"type":31,"tag":313,"props":535,"children":537},{"id":536},"early-growth",[538],{"type":36,"value":539},"Early growth",{"type":31,"tag":32,"props":541,"children":542},{},[543],{"type":36,"value":544},"Once the primary book holds a steady spread and depth through normal trading, add a second stablecoin pair if there is a clear audience reason, such as institutional or regulated-venue users. Add it with its own inventory budget, and watch whether the primary book's depth holds.",{"type":31,"tag":313,"props":546,"children":548},{"id":547},"established-project",[549],{"type":36,"value":550},"Established project",{"type":31,"tag":32,"props":552,"children":553},{},[554],{"type":36,"value":555},"When you have consistent volume, a reliable reference price and the inventory to support more books, a BTC or ETH pair can make sense. It widens your reach to holders who stay in those assets and gives arbitrageurs more routes. Add pairs one at a time, and measure before adding the next.",{"type":31,"tag":313,"props":557,"children":559},{"id":558},"regional-or-strategic-add-ons",[560],{"type":36,"value":561},"Regional or strategic add-ons",{"type":31,"tag":32,"props":563,"children":564},{},[565],{"type":36,"value":566},"Fiat pairs or exchange-token pairs come last, and only for a specific market-entry goal, such as a regional venue where local on-ramps drive demand.",{"type":31,"tag":32,"props":568,"children":569},{},[570],{"type":36,"value":571},"A simple rule: add a pair only when you can name the group of traders it serves and fund it without thinning a book that already works.",{"type":31,"tag":39,"props":573,"children":575},{"id":574},"a-short-checklist-before-you-confirm-pairs-with-an-exchange",[576],{"type":36,"value":577},"A Short Checklist Before You Confirm Pairs with an Exchange",{"type":31,"tag":579,"props":580,"children":581},"ol",{},[582,587,592,597,602,607],{"type":31,"tag":60,"props":583,"children":584},{},[585],{"type":36,"value":586},"Which quote asset do your target buyers already hold on this venue?",{"type":31,"tag":60,"props":588,"children":589},{},[590],{"type":36,"value":591},"Does the venue restrict any stablecoin for your target region?",{"type":31,"tag":60,"props":593,"children":594},{},[595],{"type":36,"value":596},"Which pair does the venue's own user base trade most for similar tokens?",{"type":31,"tag":60,"props":598,"children":599},{},[600],{"type":36,"value":601},"How much inventory can you fund per pair without thinning the primary one?",{"type":31,"tag":60,"props":603,"children":604},{},[605],{"type":36,"value":606},"Who will quote each pair, and are they contracted to uptime and spread on each?",{"type":31,"tag":60,"props":608,"children":609},{},[610],{"type":36,"value":611},"How will you measure whether a new pair helps or just divides existing depth?",{"type":31,"tag":39,"props":613,"children":615},{"id":614},"pair-choice-is-a-liquidity-decision",[616],{"type":36,"value":617},"Pair Choice Is a Liquidity Decision",{"type":31,"tag":32,"props":619,"children":620},{},[621,623,629],{"type":36,"value":622},"Choosing trading pairs for a token listing is not an exchange formality. It sets where your depth sits, how clean your price signal is, and how much risk your liquidity provider carries. Fibonacci Capital works with token teams on exactly this: matching pair structure to the capital you have, so the books you open are ones you can keep deep. If you are planning a listing and want to sanity-check the pair setup, ",{"type":31,"tag":429,"props":624,"children":626},{"href":625},"/pretge",[627],{"type":36,"value":628},"get in touch",{"type":36,"value":630}," and we can walk through your venues and inventory.",{"title":7,"searchDepth":632,"depth":632,"links":633},2,[634,635,643,644,645,651,652],{"id":41,"depth":632,"text":44},{"id":93,"depth":632,"text":96,"children":636},[637,639,640,641,642],{"id":315,"depth":638,"text":124},3,{"id":330,"depth":638,"text":129},{"id":345,"depth":638,"text":134},{"id":360,"depth":638,"text":139},{"id":370,"depth":638,"text":373},{"id":381,"depth":632,"text":384},{"id":439,"depth":632,"text":442},{"id":519,"depth":632,"text":522,"children":646},[647,648,649,650],{"id":525,"depth":638,"text":528},{"id":536,"depth":638,"text":539},{"id":547,"depth":638,"text":550},{"id":558,"depth":638,"text":561},{"id":574,"depth":632,"text":577},{"id":614,"depth":632,"text":617},"markdown","content:blog:how-to-choose-trading-pairs-token-listing.md","content","blog/how-to-choose-trading-pairs-token-listing.md","blog/how-to-choose-trading-pairs-token-listing","md",[660,1171,1720],{"_path":661,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":662,"description":663,"date":664,"author":11,"category":12,"tags":665,"keywords":669,"image":675,"readTime":26,"body":676,"_type":653,"_id":1168,"_source":655,"_file":1169,"_stem":1170,"_extension":658},"/blog/how-long-does-it-take-to-list-token-on-exchange","How Long Does It Take to List a Token on a Crypto Exchange? A Realistic Timeline","How long does it take to list a token on a crypto exchange? A stage-by-stage timeline, what slows each step down, and how to plan your TGE around the delays.","2026-10-19",[666,667,668,16],"exchange listing","listing timeline","TGE planning",[670,671,672,673,674],"how long does it take to list a token on an exchange","exchange listing timeline","crypto listing process time","token listing process","plan TGE exchange listing","/assets/images/blog/how-long-does-it-take-to-list-token-on-exchange.jpg",{"type":28,"children":677,"toc":1155},[678,683,688,694,699,852,857,863,884,889,895,908,921,927,932,937,943,964,977,983,988,1001,1007,1012,1017,1023,1044,1050,1088,1094,1099,1127,1138,1144],{"type":31,"tag":32,"props":679,"children":680},{},[681],{"type":36,"value":682},"Listing a token on a crypto exchange takes anywhere from a few weeks to several months, and the spread depends mostly on the venue type, how ready your documents are and how quickly you respond to questions. Decentralised venues can be nearly immediate, because listing is permissionless. Centralised venues run a review process with several stages, and the slowest stage is almost never the one founders expect. There is no honest universal number, so this article gives you a stage-by-stage view, shows what drives delay at each step, and explains how to plan a TGE so a slipped listing does not wreck the launch.",{"type":31,"tag":32,"props":684,"children":685},{},[686],{"type":36,"value":687},"Treat any promised timeline from an exchange contact as an estimate, not a commitment. Venues reserve the right to pause, request more information or decline, and the date you can announce is the date the exchange confirms in writing.",{"type":31,"tag":39,"props":689,"children":691},{"id":690},"the-stages-of-a-centralised-exchange-listing",[692],{"type":36,"value":693},"The Stages of a Centralised Exchange Listing",{"type":31,"tag":32,"props":695,"children":696},{},[697],{"type":36,"value":698},"Most centralised venues follow the same broad sequence. Names and details vary, and some stages overlap.",{"type":31,"tag":103,"props":700,"children":701},{},[702,723],{"type":31,"tag":107,"props":703,"children":704},{},[705],{"type":31,"tag":111,"props":706,"children":707},{},[708,713,718],{"type":31,"tag":115,"props":709,"children":710},{},[711],{"type":36,"value":712},"Stage",{"type":31,"tag":115,"props":714,"children":715},{},[716],{"type":36,"value":717},"What happens",{"type":31,"tag":115,"props":719,"children":720},{},[721],{"type":36,"value":722},"Main source of delay",{"type":31,"tag":146,"props":724,"children":725},{},[726,744,762,780,798,816,834],{"type":31,"tag":111,"props":727,"children":728},{},[729,734,739],{"type":31,"tag":153,"props":730,"children":731},{},[732],{"type":36,"value":733},"1. 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See ",{"type":31,"tag":429,"props":869,"children":871},{"href":870},"/blog/crypto-exchange-listing-requirements",[872],{"type":36,"value":873},"crypto exchange listing requirements",{"type":36,"value":875}," for what venues usually ask for, and ",{"type":31,"tag":429,"props":877,"children":879},{"href":878},"/blog/crypto-exchange-due-diligence-checklist",[880],{"type":36,"value":881},"the due diligence checklist",{"type":36,"value":883}," to see what the review will examine.",{"type":31,"tag":32,"props":885,"children":886},{},[887],{"type":36,"value":888},"A useful rule is to prepare as if you were the reviewer. If your tokenomics page, audit report and team details do not match each other, the reviewer will notice, and the resulting questions add weeks.",{"type":31,"tag":39,"props":890,"children":892},{"id":891},"stage-2-and-3-application-and-screening",[893],{"type":36,"value":894},"Stage 2 and 3: Application and Screening",{"type":31,"tag":32,"props":896,"children":897},{},[898,900,906],{"type":36,"value":899},"Where you apply matters. Some exchanges have public forms that go into a large queue. Others work through business development contacts, where a warm introduction can shorten the wait, though it does not change the criteria. ",{"type":31,"tag":429,"props":901,"children":903},{"href":902},"/blog/how-to-get-listed-on-crypto-exchange",[904],{"type":36,"value":905},"How to get listed on a crypto exchange",{"type":36,"value":907}," explains the channels in more detail.",{"type":31,"tag":32,"props":909,"children":910},{},[911,913,919],{"type":36,"value":912},"Screening speed depends on how many applications the venue receives and how well yours fits. A weak fit tends to get either a silent wait or a quick no. If you hear nothing, follow up politely once or twice, and consider whether the venue is the right match. Our guide on ",{"type":31,"tag":429,"props":914,"children":916},{"href":915},"/blog/crypto-exchange-listing-application-mistakes",[917],{"type":36,"value":918},"the most common listing application mistakes",{"type":36,"value":920}," covers what makes applications stall.",{"type":31,"tag":39,"props":922,"children":924},{"id":923},"stage-4-due-diligence",[925],{"type":36,"value":926},"Stage 4: Due Diligence",{"type":31,"tag":32,"props":928,"children":929},{},[930],{"type":36,"value":931},"Due diligence is often the longest active stage, and your response speed shapes it directly. Typical requests include audit reports, legal opinions or classification analysis, details about token distribution, wallet addresses for team and treasury allocations, and information about your market maker.",{"type":31,"tag":32,"props":933,"children":934},{},[935],{"type":36,"value":936},"Keep a single point of contact who can answer in a day, and keep a shared folder of up-to-date documents. Teams that take a week to answer each question can double the length of this stage without noticing.",{"type":31,"tag":39,"props":938,"children":940},{"id":939},"stage-5-commercial-terms",[941],{"type":36,"value":942},"Stage 5: Commercial Terms",{"type":31,"tag":32,"props":944,"children":945},{},[946,948,954,956,962],{"type":36,"value":947},"Venues differ widely in what they ask. Some expect a listing fee or deposit, some expect market making coverage or a minimum liquidity commitment, and some ask for marketing support or campaign participation. Others have no commercial requirement at all. ",{"type":31,"tag":429,"props":949,"children":951},{"href":950},"/blog/crypto-exchange-listing-fees",[952],{"type":36,"value":953},"Crypto exchange listing fees",{"type":36,"value":955}," explains the categories, and ",{"type":31,"tag":429,"props":957,"children":959},{"href":958},"/blog/crypto-exchange-listing-agreement",[960],{"type":36,"value":961},"the listing agreement guide",{"type":36,"value":963}," covers the clauses to read carefully.",{"type":31,"tag":32,"props":965,"children":966},{},[967,969,975],{"type":36,"value":968},"Negotiation can run quickly or slowly. Budget questions you have not settled internally will extend this stage, so decide your limits before you start. If you have not set a launch budget, the framework in ",{"type":31,"tag":429,"props":970,"children":972},{"href":971},"/blog/how-much-does-it-cost-to-launch-a-token",[973],{"type":36,"value":974},"how much it costs to launch a token",{"type":36,"value":976}," is a good starting point.",{"type":31,"tag":39,"props":978,"children":980},{"id":979},"stage-6-technical-integration",[981],{"type":36,"value":982},"Stage 6: Technical Integration",{"type":31,"tag":32,"props":984,"children":985},{},[986],{"type":36,"value":987},"Integration depends on your chain, your contract and the exchange's engineering schedule. A token on a chain the venue already supports is usually simpler than one that requires new infrastructure. Expect deposit and withdrawal testing, contract verification and, for some venues, a test period with small transfers.",{"type":31,"tag":32,"props":989,"children":990},{},[991,993,999],{"type":36,"value":992},"Problems at this stage are often contract-related: unusual transfer logic, fee-on-transfer mechanics, upgradeable proxies or admin functions that the exchange's risk team wants explained. Resolve these before you apply, not after. ",{"type":31,"tag":429,"props":994,"children":996},{"href":995},"/blog/smart-contract-audits-before-launch",[997],{"type":36,"value":998},"Smart contract audits before launch",{"type":36,"value":1000}," explains what auditors flag and how to document your design.",{"type":31,"tag":39,"props":1002,"children":1004},{"id":1003},"stage-7-scheduling-and-announcement",[1005],{"type":36,"value":1006},"Stage 7: Scheduling and Announcement",{"type":31,"tag":32,"props":1008,"children":1009},{},[1010],{"type":36,"value":1011},"Even when everything is ready, the exchange picks the date. Calendars fill up around major events and holidays. Many venues also want listings to coincide with their own campaigns, which can move your date later or earlier than you hoped.",{"type":31,"tag":32,"props":1013,"children":1014},{},[1015],{"type":36,"value":1016},"Do not announce a date until the exchange confirms it. If you must give the community an expected window, keep it wide and say clearly that it depends on the venue.",{"type":31,"tag":39,"props":1018,"children":1020},{"id":1019},"decentralised-listings-fast-but-not-the-same-thing",[1021],{"type":36,"value":1022},"Decentralised Listings: Fast, but Not the Same Thing",{"type":31,"tag":32,"props":1024,"children":1025},{},[1026,1028,1034,1036,1042],{"type":36,"value":1027},"On a decentralised exchange you can create a pool and start trading in minutes, which makes the listing itself nearly instant. The trade-off is that you are responsible for the whole market: initial liquidity, price discovery, protection from sniping, and communication. ",{"type":31,"tag":429,"props":1029,"children":1031},{"href":1030},"/blog/how-to-protect-token-launch-from-sniper-bots",[1032],{"type":36,"value":1033},"How to protect a token launch from sniper bots",{"type":36,"value":1035}," and ",{"type":31,"tag":429,"props":1037,"children":1039},{"href":1038},"/blog/how-to-lock-liquidity-token-launch",[1040],{"type":36,"value":1041},"how to lock liquidity at launch",{"type":36,"value":1043}," cover the steps. A fast listing is not a finished launch.",{"type":31,"tag":39,"props":1045,"children":1047},{"id":1046},"what-makes-timelines-slip",[1048],{"type":36,"value":1049},"What Makes Timelines Slip",{"type":31,"tag":56,"props":1051,"children":1052},{},[1053,1058,1063,1068,1073,1078,1083],{"type":31,"tag":60,"props":1054,"children":1055},{},[1056],{"type":36,"value":1057},"Documents that contradict each other",{"type":31,"tag":60,"props":1059,"children":1060},{},[1061],{"type":36,"value":1062},"Slow answers to diligence questions",{"type":31,"tag":60,"props":1064,"children":1065},{},[1066],{"type":36,"value":1067},"Unclear or unresolved legal position",{"type":31,"tag":60,"props":1069,"children":1070},{},[1071],{"type":36,"value":1072},"Contract features the exchange's risk team does not accept",{"type":31,"tag":60,"props":1074,"children":1075},{},[1076],{"type":36,"value":1077},"No market making arrangement when the venue expects one",{"type":31,"tag":60,"props":1079,"children":1080},{},[1081],{"type":36,"value":1082},"Applying to a venue that is a poor fit",{"type":31,"tag":60,"props":1084,"children":1085},{},[1086],{"type":36,"value":1087},"A TGE date announced before the venue confirmed",{"type":31,"tag":39,"props":1089,"children":1091},{"id":1090},"planning-your-tge-around-the-listing",[1092],{"type":36,"value":1093},"Planning Your TGE Around the Listing",{"type":31,"tag":32,"props":1095,"children":1096},{},[1097],{"type":36,"value":1098},"Plan backwards from your target date, then add a buffer. A workable approach:",{"type":31,"tag":579,"props":1100,"children":1101},{},[1102,1107,1112,1117,1122],{"type":31,"tag":60,"props":1103,"children":1104},{},[1105],{"type":36,"value":1106},"Start preparation well before you plan to apply, and treat the buffer as real time, not slack.",{"type":31,"tag":60,"props":1108,"children":1109},{},[1110],{"type":36,"value":1111},"Apply to more than one venue in parallel where the terms allow, since a single venue can pause indefinitely.",{"type":31,"tag":60,"props":1113,"children":1114},{},[1115],{"type":36,"value":1116},"Do not tie your whole launch to one listing. If the date moves, you want a plan that still works.",{"type":31,"tag":60,"props":1118,"children":1119},{},[1120],{"type":36,"value":1121},"Confirm technical readiness early, so integration is not the last-minute surprise.",{"type":31,"tag":60,"props":1123,"children":1124},{},[1125],{"type":36,"value":1126},"Line up liquidity before the listing date, not after.",{"type":31,"tag":32,"props":1128,"children":1129},{},[1130,1136],{"type":31,"tag":429,"props":1131,"children":1133},{"href":1132},"/blog/preparing-for-tge-timeline",[1134],{"type":36,"value":1135},"The preparing for TGE timeline",{"type":36,"value":1137}," shows how listing steps fit into the wider launch calendar.",{"type":31,"tag":39,"props":1139,"children":1141},{"id":1140},"where-fibonacci-capital-fits",[1142],{"type":36,"value":1143},"Where Fibonacci Capital Fits",{"type":31,"tag":32,"props":1145,"children":1146},{},[1147,1149,1154],{"type":36,"value":1148},"Delay is easier to manage when your market maker and your listing plan are designed together, because exchanges often ask about liquidity coverage during review. Fibonacci Capital helps teams prepare for listings and launches, so if you want to map a realistic timeline for your venues, get in touch through our ",{"type":31,"tag":429,"props":1150,"children":1151},{"href":625},[1152],{"type":36,"value":1153},"pre-TGE program",{"type":36,"value":516},{"title":7,"searchDepth":632,"depth":632,"links":1156},[1157,1158,1159,1160,1161,1162,1163,1164,1165,1166,1167],{"id":690,"depth":632,"text":693},{"id":859,"depth":632,"text":862},{"id":891,"depth":632,"text":894},{"id":923,"depth":632,"text":926},{"id":939,"depth":632,"text":942},{"id":979,"depth":632,"text":982},{"id":1003,"depth":632,"text":1006},{"id":1019,"depth":632,"text":1022},{"id":1046,"depth":632,"text":1049},{"id":1090,"depth":632,"text":1093},{"id":1140,"depth":632,"text":1143},"content:blog:how-long-does-it-take-to-list-token-on-exchange.md","blog/how-long-does-it-take-to-list-token-on-exchange.md","blog/how-long-does-it-take-to-list-token-on-exchange",{"_path":1172,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1173,"description":1174,"date":1175,"author":11,"category":12,"tags":1176,"keywords":1179,"image":1185,"readTime":26,"body":1186,"_type":653,"_id":1717,"_source":655,"_file":1718,"_stem":1719,"_extension":658},"/blog/why-crypto-exchanges-delist-tokens","Why Crypto Exchanges Delist Tokens (and 7 Mistakes That Get Projects Removed)","Why crypto exchanges delist tokens: the real triggers, from thin liquidity to weak disclosure, plus seven mistakes projects make and how to fix each one.","2026-10-18",[1177,666,16,1178],"delisting","compliance",[1180,1181,1182,1183,1184],"why crypto exchanges delist tokens","token delisting","how to avoid delisting","exchange delisting criteria","monitoring tag crypto","/assets/images/blog/why-crypto-exchanges-delist-tokens.jpg",{"type":28,"children":1187,"toc":1701},[1188,1193,1204,1210,1215,1258,1263,1269,1274,1406,1412,1418,1423,1441,1447,1460,1476,1482,1487,1496,1502,1507,1516,1522,1527,1536,1542,1547,1556,1562,1567,1576,1582,1587,1625,1631,1684,1690],{"type":31,"tag":32,"props":1189,"children":1190},{},[1191],{"type":36,"value":1192},"Exchanges delist tokens when keeping them costs more than it earns. The cost can be regulatory risk, a security concern, or simply a market that no longer works: thin liquidity, collapsing volume, a team that has gone quiet. Most delistings are not a surprise attack on a project. They are the end of a visible, slow process that the team could have interrupted. This guide explains the common triggers, the seven mistakes that most often lead to removal, and what to do about each one before a review starts.",{"type":31,"tag":32,"props":1194,"children":1195},{},[1196,1198,1202],{"type":36,"value":1197},"Getting listed is only half the job. A listing is a continuing relationship with a venue that reviews its tokens on a regular basis, and the criteria are usually broader than founders assume. If you have not yet been through the application stage, read ",{"type":31,"tag":429,"props":1199,"children":1200},{"href":870},[1201],{"type":36,"value":873},{"type":36,"value":1203}," first. This article is about what happens after the announcement.",{"type":31,"tag":39,"props":1205,"children":1207},{"id":1206},"how-delisting-reviews-work",[1208],{"type":36,"value":1209},"How Delisting Reviews Work",{"type":31,"tag":32,"props":1211,"children":1212},{},[1213],{"type":36,"value":1214},"Every exchange runs its own process, and the details are rarely published in full. In general terms, most venues follow the same pattern:",{"type":31,"tag":579,"props":1216,"children":1217},{},[1218,1228,1238,1248],{"type":31,"tag":60,"props":1219,"children":1220},{},[1221,1226],{"type":31,"tag":64,"props":1222,"children":1223},{},[1224],{"type":36,"value":1225},"Ongoing monitoring.",{"type":36,"value":1227}," The exchange tracks trading activity, liquidity, project activity, security events and legal developments for every listed token.",{"type":31,"tag":60,"props":1229,"children":1230},{},[1231,1236],{"type":31,"tag":64,"props":1232,"children":1233},{},[1234],{"type":36,"value":1235},"A flag or warning.",{"type":36,"value":1237}," Many venues mark a token with a risk or monitoring label, which signals to traders that a review is open. Not every exchange does this, and the label's name differs by venue.",{"type":31,"tag":60,"props":1239,"children":1240},{},[1241,1246],{"type":31,"tag":64,"props":1242,"children":1243},{},[1244],{"type":36,"value":1245},"A review window.",{"type":36,"value":1247}," The project may be asked for information, or given time to fix the issue.",{"type":31,"tag":60,"props":1249,"children":1250},{},[1251,1256],{"type":31,"tag":64,"props":1252,"children":1253},{},[1254],{"type":36,"value":1255},"A decision and notice.",{"type":36,"value":1257}," If the token is removed, exchanges typically give a withdrawal-only period so holders can move assets out. The length varies and is set by the venue.",{"type":31,"tag":32,"props":1259,"children":1260},{},[1261],{"type":36,"value":1262},"Two practical points follow from this. First, the monitoring label is the best early warning you will get, so treat it as an incident, not a rumour. Second, exchanges have discretion. A listing agreement or the venue's terms usually allow removal for reasons the exchange judges sufficient, so you cannot rely on a single threshold keeping you safe.",{"type":31,"tag":39,"props":1264,"children":1266},{"id":1265},"the-main-triggers",[1267],{"type":36,"value":1268},"The Main Triggers",{"type":31,"tag":32,"props":1270,"children":1271},{},[1272],{"type":36,"value":1273},"Reasons for delisting fall into a handful of groups. Not all venues use all of them, but they cover most cases.",{"type":31,"tag":103,"props":1275,"children":1276},{},[1277,1298],{"type":31,"tag":107,"props":1278,"children":1279},{},[1280],{"type":31,"tag":111,"props":1281,"children":1282},{},[1283,1288,1293],{"type":31,"tag":115,"props":1284,"children":1285},{},[1286],{"type":36,"value":1287},"Trigger",{"type":31,"tag":115,"props":1289,"children":1290},{},[1291],{"type":36,"value":1292},"What the exchange sees",{"type":31,"tag":115,"props":1294,"children":1295},{},[1296],{"type":36,"value":1297},"Typical severity",{"type":31,"tag":146,"props":1299,"children":1300},{},[1301,1319,1337,1354,1372,1389],{"type":31,"tag":111,"props":1302,"children":1303},{},[1304,1309,1314],{"type":31,"tag":153,"props":1305,"children":1306},{},[1307],{"type":36,"value":1308},"Liquidity and volume",{"type":31,"tag":153,"props":1310,"children":1311},{},[1312],{"type":36,"value":1313},"Wide spreads, thin books, volume that is concentrated or has collapsed",{"type":31,"tag":153,"props":1315,"children":1316},{},[1317],{"type":36,"value":1318},"Gradual, review-based",{"type":31,"tag":111,"props":1320,"children":1321},{},[1322,1327,1332],{"type":31,"tag":153,"props":1323,"children":1324},{},[1325],{"type":36,"value":1326},"Security",{"type":31,"tag":153,"props":1328,"children":1329},{},[1330],{"type":36,"value":1331},"Exploit, compromised contract or admin key, unaudited upgrade",{"type":31,"tag":153,"props":1333,"children":1334},{},[1335],{"type":36,"value":1336},"Can be immediate",{"type":31,"tag":111,"props":1338,"children":1339},{},[1340,1345,1350],{"type":31,"tag":153,"props":1341,"children":1342},{},[1343],{"type":36,"value":1344},"Legal and regulatory",{"type":31,"tag":153,"props":1346,"children":1347},{},[1348],{"type":36,"value":1349},"Securities concerns, sanctions exposure, a regulator's action in a market the exchange serves",{"type":31,"tag":153,"props":1351,"children":1352},{},[1353],{"type":36,"value":1336},{"type":31,"tag":111,"props":1355,"children":1356},{},[1357,1362,1367],{"type":31,"tag":153,"props":1358,"children":1359},{},[1360],{"type":36,"value":1361},"Project conduct",{"type":31,"tag":153,"props":1363,"children":1364},{},[1365],{"type":36,"value":1366},"Misleading statements, undisclosed changes, abandoned development",{"type":31,"tag":153,"props":1368,"children":1369},{},[1370],{"type":36,"value":1371},"Review-based",{"type":31,"tag":111,"props":1373,"children":1374},{},[1375,1380,1385],{"type":31,"tag":153,"props":1376,"children":1377},{},[1378],{"type":36,"value":1379},"Market integrity",{"type":31,"tag":153,"props":1381,"children":1382},{},[1383],{"type":36,"value":1384},"Wash trading, manipulation, suspicious volume patterns",{"type":31,"tag":153,"props":1386,"children":1387},{},[1388],{"type":36,"value":1336},{"type":31,"tag":111,"props":1390,"children":1391},{},[1392,1397,1402],{"type":31,"tag":153,"props":1393,"children":1394},{},[1395],{"type":36,"value":1396},"Commercial",{"type":31,"tag":153,"props":1398,"children":1399},{},[1400],{"type":36,"value":1401},"Token no longer meets the venue's own listing standards or strategy",{"type":31,"tag":153,"props":1403,"children":1404},{},[1405],{"type":36,"value":1371},{"type":31,"tag":39,"props":1407,"children":1409},{"id":1408},"_7-mistakes-that-lead-to-delisting",[1410],{"type":36,"value":1411},"7 Mistakes That Lead to Delisting",{"type":31,"tag":313,"props":1413,"children":1415},{"id":1414},"_1-treating-liquidity-as-a-launch-week-problem",[1416],{"type":36,"value":1417},"1. Treating liquidity as a launch-week problem",{"type":31,"tag":32,"props":1419,"children":1420},{},[1421],{"type":36,"value":1422},"Many projects arrange depth for the listing and let it decay. A token whose order book is thin and whose spread is wide is expensive to trade, which pushes volume away, which makes the book thinner. This loop is the most common route to a quiet delisting review.",{"type":31,"tag":32,"props":1424,"children":1425},{},[1426,1431,1433,1439],{"type":31,"tag":64,"props":1427,"children":1428},{},[1429],{"type":36,"value":1430},"The fix:",{"type":36,"value":1432}," budget for liquidity as a recurring cost, not a one-off. Define spread and depth targets, measure them weekly, and hold your market maker to them. Our guide to ",{"type":31,"tag":429,"props":1434,"children":1436},{"href":1435},"/blog/how-to-evaluate-market-maker-performance",[1437],{"type":36,"value":1438},"evaluating market maker performance",{"type":36,"value":1440}," covers the metrics. Size the starting point against your launch float and expected trading.",{"type":31,"tag":313,"props":1442,"children":1444},{"id":1443},"_2-reporting-volume-that-is-not-real",[1445],{"type":36,"value":1446},"2. Reporting volume that is not real",{"type":31,"tag":32,"props":1448,"children":1449},{},[1450,1452,1458],{"type":36,"value":1451},"Volume that comes from a project's own wallets trading back and forth is wash trading. Exchanges have tools to detect it, and a listing that shows high volume but little genuine depth or participation invites scrutiny. It also damages the venue's own reputation, so exchanges tend to act when they find it. Read ",{"type":31,"tag":429,"props":1453,"children":1455},{"href":1454},"/blog/what-is-wash-trading-crypto",[1456],{"type":36,"value":1457},"what wash trading is and how it is detected",{"type":36,"value":1459}," before any vendor offers to \"boost\" your numbers.",{"type":31,"tag":32,"props":1461,"children":1462},{},[1463,1467,1469,1475],{"type":31,"tag":64,"props":1464,"children":1465},{},[1466],{"type":36,"value":1430},{"type":36,"value":1468}," never pay for or tolerate volume you cannot trace to real counterparties. Put a no-wash-trading clause in every market making contract, and review trade logs. The same applies to social proof: inflated community numbers are covered in our guide to ",{"type":31,"tag":429,"props":1470,"children":1472},{"href":1471},"/blog/how-to-spot-fake-engagement-crypto-marketing",[1473],{"type":36,"value":1474},"spotting fake engagement in crypto marketing",{"type":36,"value":516},{"type":31,"tag":313,"props":1477,"children":1479},{"id":1478},"_3-confusing-volume-with-liquidity",[1480],{"type":36,"value":1481},"3. Confusing volume with liquidity",{"type":31,"tag":32,"props":1483,"children":1484},{},[1485],{"type":36,"value":1486},"A token can show decent volume while the book is empty a few ticks from the mid price. Exchanges look at both, and projects that only watch the first number are often surprised by a review.",{"type":31,"tag":32,"props":1488,"children":1489},{},[1490,1494],{"type":31,"tag":64,"props":1491,"children":1492},{},[1493],{"type":36,"value":1430},{"type":36,"value":1495}," report depth within defined bands of the mid price alongside volume. If depth falls, fix it before the exchange raises it.",{"type":31,"tag":313,"props":1497,"children":1499},{"id":1498},"_4-going-silent",[1500],{"type":36,"value":1501},"4. Going silent",{"type":31,"tag":32,"props":1503,"children":1504},{},[1505],{"type":36,"value":1506},"A token whose team has stopped posting updates, shipping code or answering community questions looks abandoned. Exchanges do not want to list assets that are likely to end up in the news for the wrong reasons. Silence also makes it harder for the exchange to reach you when something needs a response.",{"type":31,"tag":32,"props":1508,"children":1509},{},[1510,1514],{"type":31,"tag":64,"props":1511,"children":1512},{},[1513],{"type":36,"value":1430},{"type":36,"value":1515}," keep a named contact for exchange relations, publish regular updates, and answer exchange information requests promptly. A response that arrives in a day is treated very differently from one that never arrives.",{"type":31,"tag":313,"props":1517,"children":1519},{"id":1518},"_5-changing-the-token-without-telling-the-venue",[1520],{"type":36,"value":1521},"5. Changing the token without telling the venue",{"type":31,"tag":32,"props":1523,"children":1524},{},[1525],{"type":36,"value":1526},"Contract migrations, supply changes, bridge launches, unlock schedule changes and rebrands all affect how the token is held and traded. Exchanges expect advance notice for these. A change that surprises the venue can produce a trading halt or a review even when the change itself was harmless.",{"type":31,"tag":32,"props":1528,"children":1529},{},[1530,1534],{"type":31,"tag":64,"props":1531,"children":1532},{},[1533],{"type":36,"value":1430},{"type":36,"value":1535}," keep a change calendar. Give the exchange written notice before any contract, supply or chain change, and confirm what support it will provide.",{"type":31,"tag":313,"props":1537,"children":1539},{"id":1538},"_6-ignoring-security-hygiene",[1540],{"type":36,"value":1541},"6. Ignoring security hygiene",{"type":31,"tag":32,"props":1543,"children":1544},{},[1545],{"type":36,"value":1546},"An exploited contract, a leaked admin key or an upgrade pushed without review can trigger an immediate suspension of deposits and withdrawals, and a prolonged one can end in removal. Exchanges care because user funds can be touched.",{"type":31,"tag":32,"props":1548,"children":1549},{},[1550,1554],{"type":31,"tag":64,"props":1551,"children":1552},{},[1553],{"type":36,"value":1430},{"type":36,"value":1555}," audit before launch and after meaningful upgrades, secure admin keys with multi-party controls, and publish an incident process.",{"type":31,"tag":313,"props":1557,"children":1559},{"id":1558},"_7-letting-legal-risk-build-up-unnoticed",[1560],{"type":36,"value":1561},"7. Letting legal risk build up unnoticed",{"type":31,"tag":32,"props":1563,"children":1564},{},[1565],{"type":36,"value":1566},"How a token is treated can change with a regulator's guidance, an enforcement action or a change in how the project sells or promotes it. Exchanges serve users in many jurisdictions and tend to be cautious when a token attracts regulatory attention. Marketing language that promises returns, or a token sale that was structured carelessly, can come back as a review.",{"type":31,"tag":32,"props":1568,"children":1569},{},[1570,1574],{"type":31,"tag":64,"props":1571,"children":1572},{},[1573],{"type":36,"value":1430},{"type":36,"value":1575}," keep your legal opinion current, avoid promotional language that sounds like an investment pitch, and watch the markets your exchange serves. This is general information, not legal advice, and counsel should review your specific position.",{"type":31,"tag":39,"props":1577,"children":1579},{"id":1578},"a-delisting-prevention-checklist",[1580],{"type":36,"value":1581},"A Delisting-Prevention Checklist",{"type":31,"tag":32,"props":1583,"children":1584},{},[1585],{"type":36,"value":1586},"Use this as a monthly routine:",{"type":31,"tag":56,"props":1588,"children":1589},{},[1590,1595,1600,1605,1610,1615,1620],{"type":31,"tag":60,"props":1591,"children":1592},{},[1593],{"type":36,"value":1594},"Spread and depth measured against targets, with a written report from your market maker",{"type":31,"tag":60,"props":1596,"children":1597},{},[1598],{"type":36,"value":1599},"Volume reviewed for concentration and for any activity you cannot explain",{"type":31,"tag":60,"props":1601,"children":1602},{},[1603],{"type":36,"value":1604},"Named exchange-relations contact and a tested escalation path",{"type":31,"tag":60,"props":1606,"children":1607},{},[1608],{"type":36,"value":1609},"Change calendar shared with every listing venue",{"type":31,"tag":60,"props":1611,"children":1612},{},[1613],{"type":36,"value":1614},"Audit status current for every deployed contract, and admin keys reviewed",{"type":31,"tag":60,"props":1616,"children":1617},{},[1618],{"type":36,"value":1619},"Legal opinion and marketing language reviewed against current guidance",{"type":31,"tag":60,"props":1621,"children":1622},{},[1623],{"type":36,"value":1624},"Public updates and development activity visible over the last 30 days",{"type":31,"tag":39,"props":1626,"children":1628},{"id":1627},"what-to-do-if-you-receive-a-warning",[1629],{"type":36,"value":1630},"What to Do If You Receive a Warning",{"type":31,"tag":579,"props":1632,"children":1633},{},[1634,1644,1654,1664,1674],{"type":31,"tag":60,"props":1635,"children":1636},{},[1637,1642],{"type":31,"tag":64,"props":1638,"children":1639},{},[1640],{"type":36,"value":1641},"Acknowledge fast.",{"type":36,"value":1643}," Reply in writing, name an owner, and ask what the specific concern is.",{"type":31,"tag":60,"props":1645,"children":1646},{},[1647,1652],{"type":31,"tag":64,"props":1648,"children":1649},{},[1650],{"type":36,"value":1651},"Get the criteria.",{"type":36,"value":1653}," Ask which standard you are measured against and what evidence would close the review.",{"type":31,"tag":60,"props":1655,"children":1656},{},[1657,1662],{"type":31,"tag":64,"props":1658,"children":1659},{},[1660],{"type":36,"value":1661},"Fix the cause, not the optics.",{"type":36,"value":1663}," If liquidity is the issue, deepen the book with real quotes. Do not paper over it with volume.",{"type":31,"tag":60,"props":1665,"children":1666},{},[1667,1672],{"type":31,"tag":64,"props":1668,"children":1669},{},[1670],{"type":36,"value":1671},"Document the fix.",{"type":36,"value":1673}," Send before-and-after data and a plan for keeping it in place.",{"type":31,"tag":60,"props":1675,"children":1676},{},[1677,1682],{"type":31,"tag":64,"props":1678,"children":1679},{},[1680],{"type":36,"value":1681},"Prepare for the worst case.",{"type":36,"value":1683}," Know which other venues list the token, and have a holder communication ready in case the removal goes ahead.",{"type":31,"tag":39,"props":1685,"children":1687},{"id":1686},"connecting-this-to-liquidity-and-launch-support",[1688],{"type":36,"value":1689},"Connecting This to Liquidity and Launch Support",{"type":31,"tag":32,"props":1691,"children":1692},{},[1693,1695,1700],{"type":36,"value":1694},"Most delisting paths start with the same root problem: a token that is cheap to list and expensive to keep liquid. Planning the market making budget, the monitoring routine and the exchange relationship before the listing makes the difference between a token that stays on its venues and one that gets a review. Fibonacci Capital works with teams on this side of the launch, from sizing liquidity to ongoing reporting. If you are preparing a listing or already carrying a warning, ",{"type":31,"tag":429,"props":1696,"children":1697},{"href":625},[1698],{"type":36,"value":1699},"get in touch about launch support",{"type":36,"value":516},{"title":7,"searchDepth":632,"depth":632,"links":1702},[1703,1704,1705,1714,1715,1716],{"id":1206,"depth":632,"text":1209},{"id":1265,"depth":632,"text":1268},{"id":1408,"depth":632,"text":1411,"children":1706},[1707,1708,1709,1710,1711,1712,1713],{"id":1414,"depth":638,"text":1417},{"id":1443,"depth":638,"text":1446},{"id":1478,"depth":638,"text":1481},{"id":1498,"depth":638,"text":1501},{"id":1518,"depth":638,"text":1521},{"id":1538,"depth":638,"text":1541},{"id":1558,"depth":638,"text":1561},{"id":1578,"depth":632,"text":1581},{"id":1627,"depth":632,"text":1630},{"id":1686,"depth":632,"text":1689},"content:blog:why-crypto-exchanges-delist-tokens.md","blog/why-crypto-exchanges-delist-tokens.md","blog/why-crypto-exchanges-delist-tokens",{"_path":878,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1721,"description":1722,"date":1723,"author":11,"category":12,"tags":1724,"keywords":1729,"image":1735,"readTime":26,"body":1736,"_type":653,"_id":2202,"_source":655,"_file":2203,"_stem":2204,"_extension":658},"Crypto Exchange Due Diligence Checklist: How to Vet an Exchange Before Listing Your Token","Crypto exchange due diligence checklist for token teams: how to vet liquidity, custody, regulation and listing terms before you sign a listing agreement.","2026-10-17",[1725,16,1726,1727,1728],"exchange due diligence","exchange vetting","listing checklist","cex",[1730,1731,1732,1733,1734],"crypto exchange due diligence","how to vet a crypto exchange","exchange listing checklist","is this exchange safe to list on","exchange vetting for token projects","/assets/images/blog/crypto-exchange-due-diligence-checklist.jpg",{"type":28,"children":1737,"toc":2190},[1738,1743,1748,1754,1759,1764,1770,1782,1787,1810,1822,1828,1833,1856,1869,1875,1880,1898,1903,1909,1914,2014,2033,2039,2044,2067,2072,2078,2090,2096,2129,2135,2155,2168,2174,2179],{"type":31,"tag":32,"props":1739,"children":1740},{},[1741],{"type":36,"value":1742},"To do crypto exchange due diligence before a listing, check six things in order: whether the exchange's volume and order book are real, how it holds customer assets, where it is licensed and what it restricts, what the listing agreement obliges you to do, how it treats listed tokens after launch, and who you can actually reach on its team. A listing is a commercial relationship that can last for years, so a venue that looks prestigious on a rankings page can still be a poor home for your token. This checklist is the vetting process we would want a project team to run before signing anything.",{"type":31,"tag":32,"props":1744,"children":1745},{},[1746],{"type":36,"value":1747},"Most guides cover what an exchange requires from you. This one covers the reverse: what you should require from the exchange.",{"type":31,"tag":39,"props":1749,"children":1751},{"id":1750},"why-vetting-the-exchange-matters",[1752],{"type":36,"value":1753},"Why Vetting the Exchange Matters",{"type":31,"tag":32,"props":1755,"children":1756},{},[1757],{"type":36,"value":1758},"Founders tend to treat any listing offer as a win. That instinct is expensive. A weak venue can leave your token with thin, unrepresentative liquidity, tie you to terms that drain the treasury, or expose holders to an exchange that fails or restricts withdrawals. Your reputation travels with the venues you pick.",{"type":31,"tag":32,"props":1760,"children":1761},{},[1762],{"type":36,"value":1763},"Vetting also changes the negotiation. Exchanges respond differently to a team that asks informed questions, and the answers tell you how the relationship will run once the token is live.",{"type":31,"tag":39,"props":1765,"children":1767},{"id":1766},"step-1-test-whether-the-liquidity-is-real",[1768],{"type":36,"value":1769},"Step 1: Test Whether the Liquidity Is Real",{"type":31,"tag":32,"props":1771,"children":1772},{},[1773,1775,1780],{"type":36,"value":1774},"Reported volume is the easiest number to manipulate, and wash trading has been a known problem across the industry. Do not rely on headline rankings. Our explainer on ",{"type":31,"tag":429,"props":1776,"children":1777},{"href":1454},[1778],{"type":36,"value":1779},"what wash trading is in crypto",{"type":36,"value":1781}," covers the patterns to look for.",{"type":31,"tag":32,"props":1783,"children":1784},{},[1785],{"type":36,"value":1786},"Practical checks:",{"type":31,"tag":56,"props":1788,"children":1789},{},[1790,1795,1800,1805],{"type":31,"tag":60,"props":1791,"children":1792},{},[1793],{"type":36,"value":1794},"Open the order book for a comparable mid-cap token on the venue and look at depth within 1-2% of the mid price, not just the top of book.",{"type":31,"tag":60,"props":1796,"children":1797},{},[1798],{"type":36,"value":1799},"Compare the venue's quoted volume for a few tokens against the depth you see. Large volume on a book that empties with a modest order is a warning sign.",{"type":31,"tag":60,"props":1801,"children":1802},{},[1803],{"type":36,"value":1804},"Look for suspiciously regular trade sizes or volume that moves in lockstep regardless of market conditions.",{"type":31,"tag":60,"props":1806,"children":1807},{},[1808],{"type":36,"value":1809},"Ask the exchange which market makers are active on comparable listings, and ask your own market maker for their view of the venue.",{"type":31,"tag":32,"props":1811,"children":1812},{},[1813,1815,1821],{"type":36,"value":1814},"For the underlying logic, see ",{"type":31,"tag":429,"props":1816,"children":1818},{"href":1817},"/blog/trading-volume-vs-liquidity",[1819],{"type":36,"value":1820},"trading volume vs liquidity",{"type":36,"value":516},{"type":31,"tag":39,"props":1823,"children":1825},{"id":1824},"step-2-understand-custody-and-solvency",[1826],{"type":36,"value":1827},"Step 2: Understand Custody and Solvency",{"type":31,"tag":32,"props":1829,"children":1830},{},[1831],{"type":36,"value":1832},"Ask direct questions and note whether the answers are specific:",{"type":31,"tag":579,"props":1834,"children":1835},{},[1836,1841,1846,1851],{"type":31,"tag":60,"props":1837,"children":1838},{},[1839],{"type":36,"value":1840},"How are customer assets split between hot and cold storage?",{"type":31,"tag":60,"props":1842,"children":1843},{},[1844],{"type":36,"value":1845},"Does the exchange publish proof of reserves, and is it independently verified?",{"type":31,"tag":60,"props":1847,"children":1848},{},[1849],{"type":36,"value":1850},"Has it ever frozen withdrawals, and how was that handled?",{"type":31,"tag":60,"props":1852,"children":1853},{},[1854],{"type":36,"value":1855},"What is the policy if a listed token is hacked or exploited on-chain?",{"type":31,"tag":32,"props":1857,"children":1858},{},[1859,1861,1867],{"type":36,"value":1860},"Vague answers to custody questions are an answer in themselves. Remember that your own treasury may also sit on the exchange during the launch, so counterparty risk applies to you directly. Our guide to ",{"type":31,"tag":429,"props":1862,"children":1864},{"href":1863},"/blog/crypto-custody-solutions-for-token-teams",[1865],{"type":36,"value":1866},"crypto custody for token teams",{"type":36,"value":1868}," covers how to limit exposure.",{"type":31,"tag":39,"props":1870,"children":1872},{"id":1871},"step-3-check-licensing-and-jurisdiction",[1873],{"type":36,"value":1874},"Step 3: Check Licensing and Jurisdiction",{"type":31,"tag":32,"props":1876,"children":1877},{},[1878],{"type":36,"value":1879},"Regulation determines who can trade your token. Verify, do not assume:",{"type":31,"tag":56,"props":1881,"children":1882},{},[1883,1888,1893],{"type":31,"tag":60,"props":1884,"children":1885},{},[1886],{"type":36,"value":1887},"Which entity operates the exchange, and where is it registered?",{"type":31,"tag":60,"props":1889,"children":1890},{},[1891],{"type":36,"value":1892},"Which jurisdictions are blocked or restricted for trading and for new listings?",{"type":31,"tag":60,"props":1894,"children":1895},{},[1896],{"type":36,"value":1897},"Does the exchange screen tokens against securities concerns, and will your legal analysis hold up under that screening?",{"type":31,"tag":32,"props":1899,"children":1900},{},[1901],{"type":36,"value":1902},"If a major part of your community lives in a restricted region, the listing may not serve them at all. Take your lawyer's view on the venue before signing, not after.",{"type":31,"tag":39,"props":1904,"children":1906},{"id":1905},"step-4-read-the-listing-agreement-like-a-counterparty",[1907],{"type":36,"value":1908},"Step 4: Read the Listing Agreement Like a Counterparty",{"type":31,"tag":32,"props":1910,"children":1911},{},[1912],{"type":36,"value":1913},"Terms vary widely, and this is where teams lose the most value. Review:",{"type":31,"tag":103,"props":1915,"children":1916},{},[1917,1933],{"type":31,"tag":107,"props":1918,"children":1919},{},[1920],{"type":31,"tag":111,"props":1921,"children":1922},{},[1923,1928],{"type":31,"tag":115,"props":1924,"children":1925},{},[1926],{"type":36,"value":1927},"Term",{"type":31,"tag":115,"props":1929,"children":1930},{},[1931],{"type":36,"value":1932},"What to look for",{"type":31,"tag":146,"props":1934,"children":1935},{},[1936,1949,1962,1975,1988,2001],{"type":31,"tag":111,"props":1937,"children":1938},{},[1939,1944],{"type":31,"tag":153,"props":1940,"children":1941},{},[1942],{"type":36,"value":1943},"Fees",{"type":31,"tag":153,"props":1945,"children":1946},{},[1947],{"type":36,"value":1948},"Whether payment is cash, tokens, or both, and what you get for it",{"type":31,"tag":111,"props":1950,"children":1951},{},[1952,1957],{"type":31,"tag":153,"props":1953,"children":1954},{},[1955],{"type":36,"value":1956},"Token allocations",{"type":31,"tag":153,"props":1958,"children":1959},{},[1960],{"type":36,"value":1961},"Size, lockup and vesting of any tokens the exchange receives",{"type":31,"tag":111,"props":1963,"children":1964},{},[1965,1970],{"type":31,"tag":153,"props":1966,"children":1967},{},[1968],{"type":36,"value":1969},"Market making obligations",{"type":31,"tag":153,"props":1971,"children":1972},{},[1973],{"type":36,"value":1974},"Whether the exchange expects you to provide liquidity and to what standard",{"type":31,"tag":111,"props":1976,"children":1977},{},[1978,1983],{"type":31,"tag":153,"props":1979,"children":1980},{},[1981],{"type":36,"value":1982},"Marketing commitments",{"type":31,"tag":153,"props":1984,"children":1985},{},[1986],{"type":36,"value":1987},"What the exchange promises to do, and what you must do",{"type":31,"tag":111,"props":1989,"children":1990},{},[1991,1996],{"type":31,"tag":153,"props":1992,"children":1993},{},[1994],{"type":36,"value":1995},"Delisting conditions",{"type":31,"tag":153,"props":1997,"children":1998},{},[1999],{"type":36,"value":2000},"Triggers, notice periods, and what happens to holders",{"type":31,"tag":111,"props":2002,"children":2003},{},[2004,2009],{"type":31,"tag":153,"props":2005,"children":2006},{},[2007],{"type":36,"value":2008},"Exclusivity",{"type":31,"tag":153,"props":2010,"children":2011},{},[2012],{"type":36,"value":2013},"Whether you are barred from other venues or launch windows",{"type":31,"tag":32,"props":2015,"children":2016},{},[2017,2019,2024,2026,2031],{"type":36,"value":2018},"Be cautious of any structure that rewards the exchange mainly for the listing itself rather than for sustained trading. See our breakdown of ",{"type":31,"tag":429,"props":2020,"children":2021},{"href":950},[2022],{"type":36,"value":2023},"crypto exchange listing fees",{"type":36,"value":2025}," and the ",{"type":31,"tag":429,"props":2027,"children":2028},{"href":958},[2029],{"type":36,"value":2030},"listing agreement",{"type":36,"value":2032}," for the clauses that matter most.",{"type":31,"tag":39,"props":2034,"children":2036},{"id":2035},"step-5-look-at-how-listed-tokens-fare",[2037],{"type":36,"value":2038},"Step 5: Look at How Listed Tokens Fare",{"type":31,"tag":32,"props":2040,"children":2041},{},[2042],{"type":36,"value":2043},"Past behaviour is the best predictor. Review several recent listings on the venue:",{"type":31,"tag":56,"props":2045,"children":2046},{},[2047,2052,2057,2062],{"type":31,"tag":60,"props":2048,"children":2049},{},[2050],{"type":36,"value":2051},"How did price and liquidity evolve in the first weeks?",{"type":31,"tag":60,"props":2053,"children":2054},{},[2055],{"type":36,"value":2056},"Were there obvious signs of the venue supporting orderly markets?",{"type":31,"tag":60,"props":2058,"children":2059},{},[2060],{"type":36,"value":2061},"How were delistings handled, and with what notice?",{"type":31,"tag":60,"props":2063,"children":2064},{},[2065],{"type":36,"value":2066},"Does the exchange engage with project teams after launch?",{"type":31,"tag":32,"props":2068,"children":2069},{},[2070],{"type":36,"value":2071},"If you know founders who have listed there, ask them privately. Their experience is worth more than any marketing deck.",{"type":31,"tag":39,"props":2073,"children":2075},{"id":2074},"step-6-assess-the-people-and-support",[2076],{"type":36,"value":2077},"Step 6: Assess the People and Support",{"type":31,"tag":32,"props":2079,"children":2080},{},[2081,2083,2089],{"type":36,"value":2082},"Find out who owns the relationship. A named listing contact, clear escalation paths, and fast answers during a volatile day matter more than most teams expect. On launch day you will need the exchange's technical and listing teams quickly, as described in our ",{"type":31,"tag":429,"props":2084,"children":2086},{"href":2085},"/blog/tge-launch-day-runbook",[2087],{"type":36,"value":2088},"TGE launch day runbook",{"type":36,"value":516},{"type":31,"tag":39,"props":2091,"children":2093},{"id":2092},"red-flags-worth-walking-away-from",[2094],{"type":36,"value":2095},"Red Flags Worth Walking Away From",{"type":31,"tag":56,"props":2097,"children":2098},{},[2099,2104,2109,2114,2119,2124],{"type":31,"tag":60,"props":2100,"children":2101},{},[2102],{"type":36,"value":2103},"Pressure to sign quickly or \"limited slots\" without a reason.",{"type":31,"tag":60,"props":2105,"children":2106},{},[2107],{"type":36,"value":2108},"Refusal to discuss custody, reserves or licensing.",{"type":31,"tag":60,"props":2110,"children":2111},{},[2112],{"type":36,"value":2113},"Fees that are large relative to the venue's real liquidity.",{"type":31,"tag":60,"props":2115,"children":2116},{},[2117],{"type":36,"value":2118},"Unwillingness to show comparable listing performance.",{"type":31,"tag":60,"props":2120,"children":2121},{},[2122],{"type":36,"value":2123},"Terms that allow delisting with little notice and no holder protection.",{"type":31,"tag":60,"props":2125,"children":2126},{},[2127],{"type":36,"value":2128},"An order book that looks active but does not hold up under test orders.",{"type":31,"tag":39,"props":2130,"children":2132},{"id":2131},"decide-which-exchanges-deserve-your-token",[2133],{"type":36,"value":2134},"Decide Which Exchanges Deserve Your Token",{"type":31,"tag":32,"props":2136,"children":2137},{},[2138,2140,2146,2148,2153],{"type":36,"value":2139},"Vetting is not about finding a perfect exchange. It is about matching venue quality to your stage. Tier-1 exchanges bring credibility but selective access; smaller venues may be easier to land but demand more scrutiny. Use ",{"type":31,"tag":429,"props":2141,"children":2143},{"href":2142},"/blog/which-crypto-exchanges-to-list-on",[2144],{"type":36,"value":2145},"which crypto exchanges to list on",{"type":36,"value":2147}," to shortlist, then run this checklist on each. Also confirm you meet the venue's ",{"type":31,"tag":429,"props":2149,"children":2150},{"href":870},[2151],{"type":36,"value":2152},"listing requirements",{"type":36,"value":2154}," before spending effort on the pitch.",{"type":31,"tag":32,"props":2156,"children":2157},{},[2158,2160,2166],{"type":36,"value":2159},"Price discovery also depends on how your token reaches the market in the first place. If you are still choosing a sale format, our comparison of ",{"type":31,"tag":429,"props":2161,"children":2163},{"href":2162},"/blog/lbp-vs-fixed-price-vs-dutch-auction-token-sale",[2164],{"type":36,"value":2165},"LBP vs fixed-price vs Dutch auction token sales",{"type":36,"value":2167}," explains how that choice affects your opening on an exchange.",{"type":31,"tag":39,"props":2169,"children":2171},{"id":2170},"connect-the-venue-to-your-liquidity-plan",[2172],{"type":36,"value":2173},"Connect the Venue to Your Liquidity Plan",{"type":31,"tag":32,"props":2175,"children":2176},{},[2177],{"type":36,"value":2178},"A listing only works if the order book is healthy from the first minute. That means matching the venue to a market making plan, deciding inventory before you sign, and confirming the exchange's API and fee tiers allow your strategy. Fibonacci Capital works with token teams on exactly this step, aligning listing venues with liquidity and market making plans before launch day.",{"type":31,"tag":32,"props":2180,"children":2181},{},[2182,2184,2189],{"type":36,"value":2183},"If you want a second pair of eyes on a listing offer before you sign it, ",{"type":31,"tag":429,"props":2185,"children":2186},{"href":625},[2187],{"type":36,"value":2188},"get in touch with Fibonacci Capital",{"type":36,"value":516},{"title":7,"searchDepth":632,"depth":632,"links":2191},[2192,2193,2194,2195,2196,2197,2198,2199,2200,2201],{"id":1750,"depth":632,"text":1753},{"id":1766,"depth":632,"text":1769},{"id":1824,"depth":632,"text":1827},{"id":1871,"depth":632,"text":1874},{"id":1905,"depth":632,"text":1908},{"id":2035,"depth":632,"text":2038},{"id":2074,"depth":632,"text":2077},{"id":2092,"depth":632,"text":2095},{"id":2131,"depth":632,"text":2134},{"id":2170,"depth":632,"text":2173},"content:blog:crypto-exchange-due-diligence-checklist.md","blog/crypto-exchange-due-diligence-checklist.md","blog/crypto-exchange-due-diligence-checklist",1793066857857]