Solana Ecosystem Faces Another Blow With This Binance Decision – Crypto News – Crypto News
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Solana Ecosystem Faces Another Blow With This Binance Decision – Crypto News

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Solana Latest News: In yet another setback for the Solana ecosystem, the trading pairs of a project partnered by FTX, Alameda Research, and Solana have been stopped by Binance. The move comes in the wake of FUD around Solana and also crypto projects linked with FTX. The shock collapse of Sam Bankman-Fried’s FTX has had a cascading effect on the crypto market. It is also associated with the possibility of a prolonged negative market sentiment.

Serum Trading On Binance Removed

Amid uncertainty and fears around the FTX linked entities, crypto exchange Binance announced it was removing trading pairs for Serum token. The exchange made the announcement but did not cite any specific reason for the move. Apparently, the move is aimed at minimizing the contagion spread by FTX and Alameda in recent times. Binance said the Serum token trading will be supported until November 28.

SRM/BNB, SRM/BTC, SRM/USDT

“Binance will terminate strategy trading services for the aforementioned spot trading pairs on November 28.”

Following the Binance announcement, Serum (SRM) token price reacted negatively. As of writing, SRM price stands at $0.2688, down 4.04% in the last 24 hours according to the price tracking platform. CoinMarketCap, Meanwhile, Solana (SOL) is currently at its lowest level in nearly two years. The last time SOL price was trading at the current range of $14 was in February 2021.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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