Binance denies that it has dumped Ethereum and Solana

Binance denied claims made on social media that it would be selling off its Ethereum (ETH), Solana (SOL), and other holdings.

Binance’s customer service team responded on February 26 to speculation about X, formerly Twitter. They stated that the exchange does not engage in large-scale token sale.

The firm clarified it only functions as a market that facilitates trades, and that they have no control over the trading decisions of users, including those made by market makers.

Binance explained that while some traders dump tokens as part of a trading strategy, the exchange does not.

Binance is also known as:

“Binance hasn’t ‘dumped’ or ‘sold’ large amounts of tokens as some tweets have misunderstood. As an exchange, we simply help users match trades and we have no visibility into our users’ decisions, including market makers who may move their assets according to their strategies.”

Binance warned users not to draw conclusions from screenshots of transactions. Binance stressed the importance of recognizing strategies for trading that might be misinterpreted as a form of market manipulation.

The conclusion is:

“While blockchain transparency is one of the best things about crypto, it’s important not to jump to conclusions about screenshots of transactions. Learn to recognize FUD and we also encourage the community to learn more about what market makers do.”

The rumors

In the last few days, influencers who have large followings in crypto, such as Marty Party, Jacob King and others, claimed that Binance is dumping Solana and Ethereum due to various reasons.

During this period, the blockchain Arkham Intelligence reported that Wintermute made large transactions worth over 100,000 SOL (16.32 million dollars) and 25,000 USD ($80 million).

This led to accusations that the exchange may have been involved in price-manipulation or sold assets to cover the $4.3 billion settlement it reached with the US Department of Justice.