As far as I know, not to mention second tier exchanges, the listing fee for third tier exchanges is not directly deposited into the boss's wallet. Moreover, the listing fee of 500000 (25+25) is basically the public price of second tier mid tier exchanges. Conservatively estimated, these exchanges have around 200 people, and the listing team is mainly responsible for it. It is impossible to put it directly into the boss's pocket, not because there is no such thing, but because it is impossible How many second tier exchanges have no shareholders?? I can't think of it, it probably doesn't exist. Moreover, the section on market making at the end is completely wrong. After any exchange has listed its currency, the exchange and the project party are basically counterparties. Even the 18th tier exchange cannot pull orders for the project party's project on its own, unless the project is owned by the exchange itself, which goes against the listing fee. More importantly, this type of exchange mainly makes money not from spot trading, which is a low-level mistake. Nowadays, it is very difficult to make money from spot trading on second tier and lower tier exchanges. Even if the listing fee is included, even if spot trading can make money, it is still far behind contracts. If the story is true, this big shot who likes to take care of others is definitely not a core member of the second and third tier exchanges.