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Crypto exchanges are charging from $50,000 to $1 million to list after-ICO tokens, Business Insider discovered. The information is based on the figures provided by several investors and CEOs of startups that conducted initial coin offerings (ICOs) and eventually had their tokens listed on exchanges. However, the sources didn’t want to disclose the name of the crypto services charging the highest fees.

The crypto exchanges are running the market today, and they will keep this way until more regulation limits them.

Michael Jackson, a representative from venture capital firm Mangrove Partners, said: “Basically there are a lot of people who want their coins listed. The exchanges are where the liquidity is — it's where the money is — so that's where the power is just at the moment.”

In recent months, more and more startups have conducted their ICOs to attract money and raise capital. However, investors only participate in anticipation of the coins getting listed on top exchanges and rising in price.

Oliver Bussmann, former UBS CIO, said: “If you prepare for an ICO, you have to prepare for a listing. It's important to get access to liquidity. That means the bigger the exchange is, the more effort and also more cost to get listed.

“It's pure capitalism,” he concluded.

Bussmann, who’s currently the CEO and founder of Bussman Advisory, advised several prominent projects like IOTA and Ripple. Also, he is the president of the Crypto Valley Association in Switzerland, which pushes Zug as a blockchain and crypto hub.

He revealed that crypto exchange fees to list tokens range between $50,000 and $1 million, depending on the exchange’s size.

But, as he put it: “It's too much. $1 million is too much. Usually, if you do a proper ICO, with legal, accounting, etc. it's half a million to a million. Then another million for listing? It's not a fair relationship.”

According to Business Insider, other sources confirmed Bussmann’s range, though they don’t want to disclose the high-profile exchanges, citing non-disclosure agreements.

It’s worth mentioning that not all the exchanges charge fees to list new tokens. Some companies choose to go through a selection process in which the coins are picked depending on the project’s potential.

Accordingly, representatives from OKEx and Bitfinex said that the exchanges don’t have any token listing fees, while Huobi allows its customers to choose new tokens by voting.

A Kraken spokesperson said: “We do not release this kind of information to the public.