Binance, the world’s largest cryptocurrency exchange by trading volume, is actively negotiating with low-volume altcoin projects. According to the details, he asked the project teams if they would consider adding some of their tokens to their Binance pools.
Shocking Binance offer to dev teams and market makers
According to the findings, Binance has been in contact with some low-liquidity altcoin projects recently. The leading exchange offers offers to “increase liquidity protection” especially for low-volume projects. A Binance spokesperson told CoinDesk that the move is about preventing market manipulation:
Last week, our team reached out to a small number of projects issuing cryptocurrencies listed on our platform as part of our ongoing risk management initiative. These projects have relatively lower market liquidity trading pairs and/or a smaller market capitalization; this potentially exposes users to risk, including potential market manipulation.
Got forwarded me this
Dev teams and MMs receiving this message from Binance. Shocking if true
Liquidity is drying up pic.twitter.com/5NpiQPd5ye
— Napgenus ursus🧸🎯 (@napgener) August 23, 2023
According to The Block, Binance asked project teams if they would consider adding some of their tokens to their Binance pools. The offer promises projects up to 5% interest on depositing their tokens into Binance savings pools. @napgener, who shared the screenshot of the offer from account X, commented the situation as “shocking”.
A Binance spokesperson said, “The main purpose of our risk management support is to encourage project teams to take recommended steps to improve their liquidity protections. “Taking advantage of market maker support is one way to enhance that protection.”
CEO CZ responds to recent allegations
cryptocoin.com As you follow, Binance has come under fire for allegedly selling Bitcoin to protect the BNB price. BNB price, which at one point fell below $210, is threatening the market with a massive liquidation. The liquidation threshold of BNB price is currently at $196. Responding to the allegations that Binance is selling Bitcoin to support the BNB price, CZ says this is mathematically impossible.
TLDR – The FUD seems to be without much fundamental basis, and BNB being market dumped is unlikely to happen.
As always, all thoughts are my own, NFA DYOR!
P.S. This is a repost with updates, and written after checking facts with core teams from Venus Protocol and Binance.
— zkHopium 📈 (@zkHopium) August 24, 2023
Binance announces it will add support for these 2 altcoins
Binance announced in another announcement today that it will support the upgrade of Decred (DCR) and MultiversX (EGLD) networks. Accordingly, Decred (DCR) network upgrade will be suspended from August 29 at 17:00. MultiversX (EGLD) will pass without rising around 18:45 on August 30.
