A Binance spokesperson denied rumors that the change contributed to the market downturn by promoting off its holdings of Solana (SOL) and different tokens by way of over-the-counter (OTC) transactions.
The hypothesis arose from widespread allegations that main crypto corporations, together with Binance, have been liquidating massive quantities of tokens by 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 major quantity of SOL tokens by well-known market maker Wintermute, a Binance spokesperson defined that such corporations function based on their very own buying and selling methods. “Now we have no manner of understanding the choices of our customers, together with market makers who switch their property based on their very own methods. Due to this fact, whereas blockchain transparency is likely one of the largest benefits of cryptocurrencies, it’s important to not bounce to conclusions based mostly on transaction screenshots,” he mentioned.
The spokesperson reiterated that Binance has no details about its customers’ buying and selling selections and warned in opposition to misinterpreting blockchain information.
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