Crypto Exchange Binance Delists Serum Trading Pairs (SRM)

    Three Serum (SRM) trading pairs on Binance will be delisted on Nov. 28 due to their association with the bankrupt exchange FTX.

    Accordingly, Binance, the world’s leading cryptocurrency exchange will officially remove the SRM/BNB, SRM/BTC and SRM/USDT trading pairs on November 28. ARK/BTC, BEAM/BTC, BTCST/BTC, BTCST/USDT, GTO/BTC, GTO/USDT, MITH/BTC, MITH/BNB, PERL/BTC, PNT/BTC, REP/BTC, TRIBE /USDT, XEM/BTC pairs will also be delisted on Binance on the same day.

    Serum is a decentralized exchange built on Solana, which has been enthusiastically supported by FTX since its inception. On November 14, the Solana Foundation said it held 134.54 million SRM on FTX, raising concerns about the future of the project. As for Solana, the ecosystem was wiped out by nearly $700 million, its TVL also decreased by 70% with a total value of $1 billion after a series of incidents.

    SRM is also one of the high-value coins on the list of remaining assets of FTX, according to a statement by former CEO Sam Bankman-Fried. However, this number may not be true as SRM’s liquidity is very weak, similar to other “Sam coins”, which are designed to have high valuations but low circulating supply. FTX/Alameda is accused of intentionally designing “Sam coins” such as SRM, FIDA, OXY, MAPS so that they can be easily collateralized for loans.

    However, Serum suddenly “revived” very quickly before the project community’s fork plan when the FTX crisis took place, the price of SRM sometimes increased up to 250%.

    According to CoinMarketCap, although SRM is still listed on Kraken, Kucoin, and, the majority of the token’s trading volume takes place on Binance.

    Follow our channels for more crypto news:

    Most Popular

    Related Posts