Binance Denies Claims of Offloading Ethereum and Solana Holdings
Binance has refuted social media claims suggesting that it is selling off its Ethereum (ETH) and Solana (SOL) holdings.
Addressing Speculation
On Feb. 26, Binance’s customer support team took to X (formerly Twitter) to address the speculation, stating that the exchange is not participating in large-scale token sales.
The firm made it clear that it operates as a marketplace that facilitates transactions, emphasizing that it has no control over users’ trading decisions, including those of market makers.
Binance explained that while some market participants may move assets as part of their trading strategies, the exchange itself does not engage in token dumping.
“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.”
Given this information, Binance advised users to refrain from making assumptions based on transaction screenshots. The exchange stressed the importance of understanding trading strategies that could be misconstrued as market manipulation.
“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 Allegations
Recently, prominent crypto influencers like Marty Party and Jacob King alleged that Binance was offloading its Ethereum and Solana holdings for various reasons.
During this time frame, data from Arkham Intelligence indicated that Binance made significant transactions of over 100,000 SOL ($16.32 million) and 25,000 ETH ($80 million) to Wintermute.
These transactions led to accusations that the exchange might be involved in price manipulation or selling assets to cover its $4.3 billion settlement with the US Department of Justice (DOJ).
