Binance has denied allegations of market manipulation after traders accused the exchange of selling millions of Solana (SOL) and Ethereum (ETH) tokens through market maker Wintermute.
The accusations arose after on-chain data analytics platform Arkham Intelligence published a report on February 24 revealing large transfers from Binance’s hot wallet. According to the report, the Binance-linked wallets transferred at least 103,570 SOL (worth $16.32 million) and 25,000 ETH (worth $80 million) to Wintermute, fueling speculation of a sell-off.
Addressing a trader’s concerns in a recent post from its Customer Support account, Binance denied claims that it was “dumping on everyone.”
Hello there,
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…
— Binance Customer Support (@BinanceHelpDesk) February 26, 2025
Binance clarified that many traders had misinterpreted the transactions, emphasizing that the exchange only matches trades and does not control user trading decisions—including those of market makers. The exchange urged users not to jump to conclusions based on transaction screenshots, warning against fear, uncertainty, and doubt (FUD) tactics.
The platform also encouraged users to understand how market makers operate, noting that firms like Wintermute play a crucial role in providing liquidity and maintaining market stability.
Notably, analysts had earlier debunked the speculations, explaining that the transactions reflected Wintermute withdrawing SOL from Binance, rather than Binance selling the assets.
“As far as I understand it, this actually means that Wintermute is withdrawing $SOL from Binance’s hot wallet, likely after purchasing it from the order books,”
explained Vini Barbosa, Editor at Finbold and a member of AllianceDAO, in an X post.
Meanwhile, Binance announced the delisting of AirDAO (AMB), Clover Finance (CLV), StormX (STMX), and Vite (VITE) on February 24 at 03:00 UTC. Trading pairs, including AMB/USDT, CLV/BTC, and STMX/USDT, will also be removed. The exchange stated that its periodic evaluations ensure compliance with its standards, and tokens may be delisted if they fail to meet Binance’s benchmarks.
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