A Binance spokesperson denied rumors that the alternate contributed to the market downturn by promoting off its holdings of Solana (SOL) and different tokens through over-the-counter (OTC) transactions.
The hypothesis arose from widespread allegations that main crypto corporations, together with Binance, had been liquidating massive quantities of tokens by way of OTC offers. Nevertheless, Binance has categorically denied these accusations, emphasizing that the corporate has no management over impartial market makers and their methods.
Addressing issues over the switch of a big quantity of SOL tokens by well-known market maker Wintermute, a Binance spokesperson defined that such corporations function in response to their very own buying and selling methods. “We’ve got no manner of understanding the selections of our customers, together with market makers who switch their property in response to their very own methods. Due to this fact, whereas blockchain transparency is likely one of the greatest benefits of cryptocurrencies, it is vital to not leap to conclusions based mostly on transaction screenshots,” he mentioned.
The spokesperson reiterated that Binance has no details about its customers’ buying and selling choices and warned in opposition to misinterpreting blockchain knowledge.
*This isn’t funding recommendation.
