A Binance spokesman denied rumours that the exchange contributed to the market slump by selling Solana (SOL) and other token holdings via commercial (OTC) transactions.
This speculation stems from extensive claims that major crypto companies, including Binance, are liquidating large quantities of tokens through OTC transactions. However, Binance has denied these accusations, highlighting that the company has no control over independent market makers and their strategies.
A Binance spokesperson explained that, addressing concerns about the relocation of a substantial amount of Sol Tokens by renowned market maker WinterMute, such companies operate according to their own trading strategies. “There is no way to understand user decisions, such as market makers who transfer assets according to their own strategy. So, blockchain transparency is one of the biggest benefits of cryptocurrencies, but it’s important not to jump to conclusions based on transaction screenshots,” he said.
The spokesman repeatedly warned against misunderstandings of blockchain data that Binance lacked information about user transaction decisions.
*This is not investment advice.
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