The SUI network is set to go fully live on May 3, 2025, sparking significant market interest. The announcement that SUI tokens will debut on major exchanges like OKX, Bybit, and KuCoin has further amplified anticipation—especially since all three are members of the MoveAccelerator ecosystem.
Yet, a persistent question echoes across the crypto community: Why not Binance? When will Binance list SUI?
As a high-profile Layer 1 blockchain that raised over $300 million in funding and received backing from Binance Labs—just like Aptos—many expected SUI to launch via Binance Launchpad. So why did it choose other platforms instead?
This article explores the strategic decisions behind SUI’s exchange listings, unpacking the nuances of compliance, decentralization, token distribution models, and competitive dynamics in the crypto launch ecosystem.
Why Didn’t SUI Choose CoinList or Coinbase for Public Sale?
Core factors: Compliance and decentralization.
Early speculation suggested SUI might conduct its public sale through CoinList or even Coinbase—a move that would have offered strong regulatory clarity. After all, launching on Coinbase is often seen as one of the most compliant paths for new projects.
However, several realities shifted this trajectory. Despite repeated hints since 2019, Coinbase has yet to officially roll out a structured IEO (Initial Exchange Offering) platform. More critically, the exchange recently received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), signaling potential enforcement action over alleged violations of investor protection laws. This regulatory uncertainty makes it risky for emerging projects to rely on Coinbase for primary listings.
Meanwhile, CoinList generated buzz with an enigmatic teaser dated "5.02.2023," leading many to believe a SUI launch was imminent. But SUI ultimately passed on the opportunity—not due to technical limitations, but philosophical alignment.
SUI’s team emphasized their goal of maximizing geographic inclusivity and participant diversity through a community access program. Unlike CoinList, which historically limits participation by region and identity verification standards, SUI aimed for broader global reach—something better achieved through exchanges with wider international user bases.
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By partnering with OKX, Bybit, and KuCoin, SUI maintained compliance while advancing its vision of decentralized participation—balancing legal prudence with open access.
What Prevented SUI from Launching on Binance Launchpad?
Key considerations: Vesting structures, exclusivity agreements, and derivative controls.
Binance Launchpad has successfully launched 29 projects since its inception in 2019, each following a consistent product framework: immediate full token release upon listing, no staggered unlocks, and standardized allocation mechanics.
SUI’s approach diverges significantly. Participants in its IEO receive only 1/13th of their allocated tokens on day one, with the remainder unlocked monthly over 12 months. Additionally, SUI introduced a dedicated whitelist sale mechanism—a feature not natively supported by Binance Launchpad.
This structural mismatch suggests that product design constraints may have ruled out Binance as a launch partner.
But deeper strategic disagreements likely played a larger role.
Crypto launchpads often require exclusivity clauses—Binance included. For example, Binance invested in Aptos (APT) and reportedly secured agreements restricting APT’s early availability on competing platforms. It’s plausible Binance extended similar terms to SUI.
SUI, however, pursued a multi-platform launch strategy from the start. Accepting Binance’s exclusivity demands would have undermined that plan.
Another critical point: control over derivatives. There are indications that SUI requested partner exchanges delay launching perpetual contracts (perps) to prevent early shorting pressure. While OKX and Bybit respected this request initially, Binance famously listed APT/USDT perps on the same day APT launched—sparking a wave of follow-up listings elsewhere.
If SUI sought similar control over derivative timing, Binance’s refusal could have been a dealbreaker.
Will Binance List SUI? And When?
Answer: Watch user adoption and network activity.
There’s no official word yet—but informed sources suggest Binance views SUI as a strong candidate for future listing. Whether it happens soon depends largely on two factors: network stability and user growth.
Binance typically waits until a blockchain demonstrates sustained usage before listing its native token. Key metrics include daily active addresses, transaction volume, TPS (transactions per second), and ecosystem development.
SUI’s testnet showed impressive performance—thousands of active developers and TPS exceeding 6,000. But history shows that many Layer 1s struggle post-launch; Aptos saw its TPS drop into single digits after mainnet went live.
If SUI sustains momentum—driving real-world app usage and retaining developers—Binance could list SUI within weeks of mainnet activation, possibly alongside perpetual futures.
Alternatively, if adoption lags, Binance might wait until SUI tokens held by early investors (including Binance Labs) begin unlocking. This timing allows strategic alignment: listing coincides with increased market liquidity and natural price discovery.
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What Does Choosing IEO Over Airdrop Mean for SUI’s Ecosystem?
Implication: Limited on-chain initial liquidity.
SUI has clearly stated: there will be no public airdrop. Instead, distribution occurred entirely through centralized exchange (CEX)-based IEOs and whitelist sales.
While this model effectively filtered out bots and sybil attackers—rewarding genuine participants—it also centralized initial token ownership within exchanges.
At mainnet launch, no retail wallet holds SUI tokens natively on-chain. Users must first buy SUI on a CEX, then withdraw to a self-custody wallet before interacting with dApps—a friction point that leads to significant drop-off.
Compare this to chains like Arbitrum or Optimism, which conducted large-scale airdrops. Even if 80% of recipients immediately sold their tokens on exchanges, the remaining 20% still held balances on-chain—fueling early DeFi deposits, NFT trades, and protocol interactions.
That organic on-chain liquidity is crucial for ecosystem bootstrapping.
To mitigate this challenge, Mysten Labs and the Sui Foundation are reportedly supporting select infrastructure partners with liquidity programs to boost TVL (Total Value Locked). But grassroots momentum remains harder to ignite without widespread retail ownership at genesis.
Frequently Asked Questions (FAQ)
Q: Did Binance invest in SUI?
A: Yes—Binance Labs participated in SUI’s funding rounds, similar to its investment in Aptos.
Q: Can I participate in SUI’s token sale now?
A: The initial IEO and whitelist sales have concluded. You can purchase SUI on supported exchanges after listing.
Q: Why did SUI choose staggered token unlocking?
A: To discourage short-term speculation and encourage long-term holding and network participation.
Q: Will Binance eventually list SUI?
A: Most industry observers believe it’s likely—pending network performance and user adoption metrics.
Q: Does SUI have any plans for future airdrops?
A: No official plans have been announced. The project has emphasized fair CEX-based distribution over retroactive airdrops.
Q: How does avoiding airdrops affect early developers?
A: It raises barriers to entry—developers need to acquire tokens externally to deploy and test applications, slowing early innovation.
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SUI’s launch strategy reflects a calculated balance between compliance, fairness, and ecosystem control. While bypassing Binance Launchpad may seem surprising at first glance, the decision aligns with broader trends toward flexible, globally accessible token launches—ushering in a new era of strategic exchange partnerships in the decentralized age.