Binance continues to hit altcoin projects related to FTX with its new news. The leading exchange has now stopped trading for a project jointly by FTX and Alameda.
Binance delists this FTX-linked altcoin
An altcoin backed by FTX, Alameda, and Solana is leaving Binance’s listing. Critical delist moves follow the FUD and FTX-linked altcoin projects surrounding Solana. The cryptocurrency market has been hit hard by the FTX crisis in November. The collapse of one of the largest centralized exchanges also undermined the reputation of cryptocurrencies. Binance is now stopping trading for FTX and Solana-linked projects. The exchange announced on November 25 that it is suspending trading on the Serum (SRM) pair.
Binance has completely removed Serum pairs from its list
The cryptocurrency exchange announced that it has removed trading pairs for Serum due to uncertainty and concerns surrounding FTX-related projects. The announcement came from Binance’s official website. However, the delist did not share a specific reason for his decision. It appears that the decision is aimed at mitigating the recent slump that FTX and Alameda have unleashed. Binance will continue to support transactions on the Serum pair until November 28. BNB, Bitcoin and Tether pairings of the token can no longer be used on the cryptocurrency exchange
Binance will terminate its strategy trading services for the aforementioned spot trading pairs on November 28.
Serum (SRM) price fell sharply after the news
After the announcement, the SRM price has lost more than 7% in the last 24 hours. It is trading at $0.2703 at the time of writing. After the events around FTX, it lost around 80% of its value.
Behind the crash is the FTX connection
The serum is facing negative press due to the partnership of FTX, Alameda Research and Solana. The serum protocol was designed for DEX platforms. It offers low-cost transactions for its users using the Solana network. Despite being quite popular at one point this year, it has suffered huge investor losses due to recent events. It has lost around 80% of its value since the beginning of November. Similar to SRM, it continues to drop in Solana.
The Binance move also hit the Solana ecosystem apart from FTT
Solana was one of the projects where the events around FTX were felt the most. SOL price declined from the $40 levels at the beginning of November to $10.
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