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Crypto Exchange Binance Delists Serum Trading Pairs Amid FTX Connection
Three Serum trading pairs on Binance will be terminated on Nov. 28.
Updated May 9, 2023, 4:03 a.m. Published Nov 25, 2022, 3:24 p.m.
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Cryptocurrency exchange Binance will delist three Serum (SRM) trading pairs as the fallout from FTX's collapse continues, according to an announcement on Friday.
The exchange will terminate trading of the SRM/BNB, SRM/BTC and SRM/USDT trading pairs on Monday, Nov. 28.
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Serum is a Solana-based decentralized exchange protocol that was championed by FTX since its inception, with the defunct exchange awarding SRM tokens to traders in the form of a weekly airdrop.
On Nov. 14, the Solana Foundation said it held 134.54 million SRM on FTX, raising concerns about the future of the project.
The community forked the project the following day to protect itself against a hack that took place on FTX, the token subsequently rallied by over 250%.
The majority of SRM trading volume takes place on Binance, according to CoinMarketCap, although the token is still listed on Kraken, Kucoin and Gate.io.
SRM was trading at $0.2704 as of press time, plunging by 7.5% over the past 24-hours.
Read more: FTX Hack Sparks Revolution at Serum DEX as Solana Devs Plot Alameda's Ouster
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Every crypto exchange saw liquidations during the Oct. 10 liquidation event, Richard Teng told the crowd at CoinDesk's Consensus Hong Kong.
What to know:
- Binance Co-CEO Richard Teng said the Oct. 10 crypto crash, which saw about $19 billion in liquidations, was driven by macro shocks like new U.S. tariffs on China and rare earth controls, not by Binance itself.
- Roughly 75% of liquidations occurred around 9 p.m. Eastern amid a stablecoin depegging and transfer slowdowns, but Teng said trading data show no massive withdrawals from Binance, which he said supported affected users.
- Teng argued that crypto remains tied to geopolitical and interest-rate uncertainty, yet institutional and corporate participation continues to grow even as retail demand has cooled.
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