Binance refuted social media claims that it’s offloading its Ethereum (ETH) and Solana (SOL) holdings.
On Feb. 26, Binance’s buyer help group addressed the hypothesis on X (previously Twitter), stating that the trade shouldn’t be participating in large-scale token gross sales.
The agency clarified that it capabilities solely as a market that facilitates transactions, with no management over customers’ buying and selling choices, together with these of market makers.
The trade defined that some market contributors transfer property as a part of their buying and selling methods, however Binance doesn’t interact in dumping tokens.
Binance acknowledged:
“Binance hasn’t ‘dumped’ or ‘bought’ massive quantities of tokens as some tweets have misunderstood. As an trade, we merely assist customers match trades and we now have no visibility into our customers’ choices, together with market makers who could transfer their property in keeping with their methods.”
Contemplating this, Binance suggested customers in opposition to drawing conclusions primarily based on transaction screenshots. It highlighted the significance of recognizing buying and selling methods that may very well be misinterpreted as market manipulation.
It concluded:
“Whereas blockchain transparency is among the finest issues about crypto, it’s vital to not leap to conclusions about screenshots of transactions. Study to acknowledge FUD and we additionally encourage the neighborhood to be taught extra about what market makers do.”
The rumors
Over the previous few days, crypto influencers with massive followings, together with Marty Get together and Jacob King, alleged that Binance was dumping its Solana and Ethereum for varied causes.
Through the interval, blockchain information from Arkham Intelligence revealed that the agency made vital transactions of over 100,000 SOL ($16.32 million) and 25,000 ETH ($80 million) to Wintermute.
This fueled accusations that the trade is likely to be concerned in worth manipulation or promoting property to cowl its $4.3 billion settlement with the US Division of Justice (DOJ).
