Binance denies claims of dumping Ethereum and Solana

Binance refuted societal media claims that it is offloading its Ethereum (ETH) and Solana (SOL) holdings.

On Feb. 26, Binance’s lawsuit enactment squad addressed the speculation connected X (formerly Twitter), stating that the speech is not engaging successful large-scale token sales.

The steadfast clarified that it functions solely arsenic a marketplace that facilitates transactions, with nary power implicit users’ trading decisions, including those of marketplace makers.

The speech explained that immoderate marketplace participants determination assets arsenic portion of their trading strategies, but Binance does not prosecute successful dumping tokens.

Binance stated:

“Binance hasn’t ‘dumped’ oregon ‘sold’ ample amounts of tokens arsenic immoderate tweets person misunderstood. As an exchange, we simply assistance users lucifer trades and we person nary visibility into our users’ decisions, including marketplace makers who whitethorn determination their assets according to their strategies.”

Considering this, Binance advised users against drafting conclusions based connected transaction screenshots. It highlighted the value of recognizing trading strategies that could beryllium misinterpreted arsenic marketplace manipulation.

It concluded:

“While blockchain transparency is 1 of the champion things astir crypto, it’s important not to leap to conclusions astir screenshots of transactions. Learn to admit FUD and we besides promote the assemblage to larn much astir what marketplace makers do.”

The rumors

Over the past fewer days, crypto influencers with ample followings, including Marty Party and Jacob King, alleged that Binance was dumping its Solana and Ethereum for assorted reasons.

During the period, blockchain data from Arkham Intelligence revealed that the steadfast made important transactions of implicit 100,000 SOL ($16.32 million) and 25,000 ETH ($80 million) to Wintermute.

This fueled accusations that the speech mightiness beryllium progressive successful terms manipulation oregon selling assets to screen its $4.3 cardinal colony with the US Department of Justice (DOJ).

The station Binance denies claims of dumping Ethereum and Solana appeared archetypal connected CryptoSlate.