On the official listing pages we reviewed, no major exchange states that a market maker is a formal requirement. But exchanges review and monitor liquidity: Binance’s 2025 listing notice names liquidity depth and sustained volume as criteria and reviews how much supply market makers hold; Coinbase monitors liquidity, order-book depth, and volatility during its phased launch; Kraken monitors volume, spread, and depth after listing and points projects to pre-vetted liquidity partners; MEXC’s terms mention a refundable liquidity deposit. In practice, a token without a professional market maker or equivalent liquidity plan risks wide spreads, thin books, and poor post-listing metrics.
Key takeaways
- Not written as mandatory on the official pages we reviewed.
- Liquidity is reviewed or monitored by Binance, Coinbase, Kraken, and others.
- Kraken itself points projects to pre-vetted liquidity partners.
- Without a market maker, you need enough inventory and someone quoting both sides 24/7.
- Arrange it before trading opens, not after the first bad day.
What each exchange says about liquidity
| Exchange | What its official pages say | Effect in practice |
|---|---|---|
| Binance | Reviews liquidity depth, volume, and volatility (circulating tokens); sustained volume and stable price for Futures and Spot; supply held by market makers | Liquidity is a listing and upgrade criterion |
| Coinbase | Monitors liquidity, order-book depth, and volatility during phased launch; may stay in auction or halt | A thin book can delay or disrupt launch |
| Kraken | Monitors volume, spread, and depth after listing; points to pre-vetted liquidity partners | Expects a plan for tight spreads from day one |
| MEXC | Terms mention a refundable liquidity deposit | Liquidity is part of the commercial terms |
Without a market maker, who quotes?
If no one is paid to quote, the book depends on organic traders and whatever the team can place itself. For a new token, that usually means:
- Wide spreads, so every trade costs users more.
- Thin depth, so ordinary orders move the price sharply.
- Gaps at night and weekends, when no one is quoting.
- Poor metrics that exchanges monitor after listing, which raises delisting risk.
Your options
| Option | Good for | Read |
|---|---|---|
| Professional market maker (retainer) | Most CEX listings | Retainer |
| Token loan + options | More tokens than cash | Token loan terms |
| LP-side liquidity | Deeper books than your inventory allows | Liquidity provision |
| In-house bot | DEX-first or very small venues | Bot vs market maker |
Size the inventory you’ll need with the liquidity calculator, then compare proposals on the same KPIs.
Frequently asked questions
Does Binance require a market maker?
Binance’s listing pages do not state that a market maker is mandatory. Its April 2025 notice says it reviews liquidity depth, trading volume, and price volatility for circulating tokens, focuses on sustained volume and stable price for Futures and Spot, and reviews the share of supply held by market makers. See Binance listing.
Can we list without a market maker and use a bot?
You can, but a bot needs inventory, monitoring, and risk management on every venue around the clock. See market making bot vs market maker for the trade-offs.
When should we sign a market maker before listing?
Early enough to open exchange accounts, move inventory, and test quoting before the pair goes live. Many teams start talking to market makers when they apply to exchanges. See the listing timeline.
How do we find a market maker quickly?
Compare firms yourself using our A–Z directory and due-diligence checklist, or get a free introduction to a vetted partner.
Sources
- Binance: Important Notice on Binance Listing Information & Requirements (2025-04-25)
- Coinbase: A Guide to the Digital Asset Listing Process at Coinbase
- Kraken: Get listed on Kraken
- MEXC: Listing Terms and Conditions
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.