NewsletterSolana 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
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Strategy CEO Says Bitcoin Sales Unlikely Before 2029 After Creating $1.44B Dividend Reserves
- Trump Sets Early 2026 Timeline for New Fed Chair Pick
- Kraken to Acquire Backed Finance, Expanding Tokenized Equities Ahead of 2026 IPO
- XRP News: Ripple Expands Payments Service With RedotPay Integration
- Bitcoin Surges Above $90K Fueled By Fed QT End And Rate Cut Optimism
- Litecoin Price Jumps 10% as Vanguard Opens LTCC Access — How High Can LTC Go?
- Pepe Coin Jumps 14% on Double Bottom Signal Amid Market Recovery — Is a 50% Rally in Sight?
- Hedera Price Surges 10% After Canary Capital HBAR ETF Goes Live on Vanguard
- Bitcoin Price: What’s Next For BTC After Fed Chair Jerome Powell’s Speech?
- XRP Price Slowly Forms a Rare Pattern as Ripple ETFs Near $1B Milestone
- Chainlink Price Eyes More Recovery After Grayscale’s Spot ETF Launch
