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 alternate is just not 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 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’ giant quantities of tokens as some tweets have misunderstood. As an alternate, we merely assist customers match trades and now we have no visibility into our customers’ choices, together with market makers who might transfer their belongings in keeping 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 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 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 giant followings, together with Marty Party and Jacob King, alleged that Binance was dumping its Solana and Ethereum for numerous causes.
Through the interval, blockchain data 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 alternate may be 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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