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A Binance spokesperson denied rumors that the exchange contributed to the market downturn by selling off its holdings of Solana (SOL) and other tokens via over-the-counter (OTC) transactions.
The speculation arose from widespread allegations that major crypto firms, including Binance, were liquidating large amounts of tokens through OTC deals. However, Binance has categorically denied these accusations, emphasizing that the company has no control over independent market makers and their strategies.
Addressing concerns over the transfer of a significant amount of SOL tokens by well-known market maker Wintermute, a Binance spokesperson explained that such firms operate according to their own trading strategies. “We have no way of understanding the decisions of our users, including market makers who transfer their assets according to their own strategies. Therefore, while blockchain transparency is one of the biggest advantages of cryptocurrencies, it is important not to jump to conclusions based on transaction screenshots,” he said.
The spokesperson reiterated that Binance has no information about its users’ trading decisions and warned against misinterpreting blockchain data.
*This is not investment advice.
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