Solana Ecosystem Faces Another Blow With Latest Binance News

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.

Also Read: Binance CEO “CZ” Adds Another $1B In BUSD To Industry Recovery Initiative

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 the recent times. Binance said the Serum token trading will be supported until November 28. The token’s pair with BNB, Bitcoin AND Tether will be removed from the crypto exchange.

SRM/BNB, SRM/BTC, SRM/USDT

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

Links To FTX, Alameda

Thanks to its partnership with FTX, Alameda Research, and Solana, Serum faces the negative pressure as the contagion spreads. The Serum protocol is built for decentralized exchanges and offers low transaction costs.

Also Read: Bitcoin Price Dump Imminent? 10K BTC Linked To Mt. Gox Hack Moved

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 price tracking platform CoinMarketCap. Meanwhile, Solana price 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. With analysts predicting Bitcoin (BTC) will reach $10,000, the FUD around FTX linked cryptocurrencies might not be away in near future.

Also Read: Popular Analyst Predicts Bitcoin (BTC) Price Risks Fall To $10,000

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 presented content 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.