Binance refuted social media claims that it’s offloading its Ethereum (ETH) and Solana (SOL) holdings.
On Feb. 26, Binance’s buyer assist workforce addressed the hypothesis on X (previously Twitter), stating that the alternate is just not partaking in large-scale token gross sales.
The agency clarified that it features solely as a market that facilitates transactions, with no management over customers’ buying and selling choices, together with these of market makers.
The alternate defined that some market individuals transfer belongings as a part of their buying and selling methods, however Binance doesn’t interact in dumping tokens.
Binance said:
“Binance hasn’t ‘dumped’ or ‘bought’ massive quantities of tokens as some tweets have misunderstood. As an alternate, we merely assist customers match trades and we now have no visibility into our customers’ choices, together with market makers who might transfer their belongings in line with their methods.”
Contemplating this, Binance suggested customers towards drawing conclusions based mostly on transaction screenshots. It highlighted the significance of recognizing buying and selling methods that might be misinterpreted as market manipulation.
It concluded:
“Whereas blockchain transparency is without doubt one of the greatest issues about crypto, it’s essential to not soar to conclusions about screenshots of transactions. Study to acknowledge FUD and we additionally encourage the group to be taught extra about what market makers do.”
The rumors
Over the previous few days, crypto influencers with massive followings, together with Marty Occasion and Jacob King, alleged that Binance was dumping its Solana and Ethereum for varied causes.
Throughout the interval, blockchain knowledge from Arkham Intelligence revealed that the agency made important transactions of over 100,000 SOL ($16.32 million) and 25,000 ETH ($80 million) to Wintermute.
This fueled accusations that the alternate is perhaps concerned in worth manipulation or promoting belongings to cowl its $4.3 billion settlement with the US Division of Justice (DOJ).
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