Binance refuted social media claims that it’s offloading its Ethereum (ETH) and Solana (SOL) holdings.
On Feb. 26, Binance’s buyer assist group addressed the hypothesis on X (previously Twitter), stating that the alternate will not be partaking 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 individuals transfer belongings as a part of their buying and selling methods, however Binance doesn’t have interaction in dumping tokens.
Binance acknowledged:
“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’ selections, together with market makers who could transfer their belongings in accordance with their methods.”
Contemplating this, Binance suggested customers towards 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 necessary to not bounce to conclusions about screenshots of transactions. Be taught to acknowledge FUD and we additionally encourage the group to study extra about what market makers do.”
The rumors
Over the previous few days, crypto influencers with massive followings, together with Marty Celebration and Jacob King, alleged that Binance was dumping its Solana and Ethereum for varied causes.
In the course of the interval, blockchain information 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 likely to be concerned in value manipulation or promoting belongings to cowl its $4.3 billion settlement with the US Division of Justice (DOJ).
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