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, had been liquidating massive quantities of tokens via OTC offers. Nonetheless, Binance has categorically denied these accusations, emphasizing that the corporate has no management over impartial market makers and their methods.
Addressing considerations 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 keeping with their very own buying and selling methods. “We’ve no method of understanding the choices of our customers, together with market makers who switch their property in keeping with their very own methods. Due to this fact, whereas blockchain transparency is among the greatest benefits of cryptocurrencies, it will be important to not leap to conclusions primarily based on transaction screenshots,” he mentioned.
The spokesperson reiterated that Binance has no details about its customers’ buying and selling choices and warned towards misinterpreting blockchain knowledge.
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