Binance refuted social media claims that it’s offloading its Ethereum (ETH) and Solana (SOL) holdings.
On Feb. 26, Binance’s buyer help staff addressed the hypothesis on X (previously Twitter), stating that the alternate will not 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 selections, together with these of market makers.
The alternate defined that some market members transfer property 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 have now no visibility into our customers’ selections, together with market makers who might transfer their property in keeping with their methods.”
Contemplating this, Binance suggested customers in opposition to 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 among the finest issues about crypto, it’s vital to not bounce to conclusions about screenshots of transactions. Study to acknowledge FUD and we additionally encourage the neighborhood to study extra about what market makers do.”
The rumors
Over the previous few days, crypto influencers with massive followings, together with Marty Social gathering and Jacob King, alleged that Binance was dumping its Solana and Ethereum for varied causes.
In the course of 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 may be concerned in value manipulation or promoting property to cowl its $4.3 billion settlement with the US Division of Justice (DOJ).
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