Commercial models vary by venue and jurisdiction.

Many exchanges monetize listings directly through upfront fees, refundable deposits, token allocations, or structured marketing commitments. Others — such as Coinbase and Kraken — do not charge explicit listing fees, but instead apply significantly higher qualitative, operational, and regulatory thresholds.

In practice, the economic model differs — but the bar for approval is never "free." The cost is either commercial, regulatory, or structural.