If a project gets delisted purely because of low trading volume, poor liquidity, or failure to meet ongoing requirements, the listing fee is almost always treated as non-refundable.


The project paid for the service of being listed and given access to the exchange’s users, and that service was delivered, even if the outcome was disappointing. Exchanges routinely write this into the listing agreements.
When the exchange itself shuts down, the situation is different on the surface: the project did nothing wrong, yet the ongoing value of the listing (continuous trading pairs, order books, marketing exposure, etc.) disappears overnight. In a purely commercial sense, many people argue the CEX should refund at least a portion of the fee.
Listing fees/security deposits/marketing packages are structured as one-time payments for the act of listing. Contracts almost never contain a clause that triggers a refund if the exchange later winds down.
If you still want to pay for listing and if you still think that more CEXs will close down:
Remember to add that clause in the contract next time.
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