Binance removes trading pairs for Solana-based exchange serum token

binance made the decision to remove various trading pairs for Serum’s SRM token, including those against the Binance exchange (BNB) token, Bitcoin (BTC) and tether‘s stablecoin (USDT).

Serum serves as the governance token for the decentralized Solana-based exchange, which has also been endorsed by FTX and Alameda Research in August 2020.

Project Serum Has Been Riddled With Uncertainty Since FTX’s Massive Collapse; Despite being marketed as decentralized, some high-profile developers speculated that someone at FTX might have held keys to the exchange, including Co-founder of crypto exchange Mango Markets Max Schneider.

Solana founder Anatoly Yakovenko said on Twitter that “the developers who depend on Serum are forking the program because the upgrade key to the current one is compromised.”

These concerns led to many DeFi apps and developers shutting down access to the Serum project, including one NFT Marketplace Magic Edenafter the disappearance of 400 million dollars in funds from FTX.

Some have attributed the disappearance to an insider hack amid ongoing speculation casting doubt on the future of the Serum platform’s security. Also the authorities of the Bahamas claims Responsibility for the movement of at least part of the funds.

“[There is] credible evidence that the Bahamian government is responsible for directing unauthorized access to debtors’ systems in order to obtain debtors’ digital assets,” wrote newly appointed CEO in charge of FTX’s bankruptcy proceedings, John Ray.

Spirals of the serum project

Elsewhere Jupiter, another Solana-based DEX aggregator exchange, informed users that the use of Serum’s Liquidity has been discontinued “due to security concerns regarding upgrade authorities” and that it encourages all of its integrators to “do the same”.

The move then led to many of the key developers of serum turn their attention to OpenBook, a community-led “hard fork” of the Serum program.

This kind of uncertainty seems to have led to wild speculation about SRM token prices.

On November 15, after the new hard fork was confirmed, SRM token prices surged from $0.18758 to $0.300908 in just 24 hours. according to CoinGecko data.

Despite efforts to save the project, SRM tokens have been decimated in value since last year, falling 97.9% from its all-time high in September 2021 to just $0.282431 at the time of writing.

decrypt has contacted Binance for an explanation of the news.

This isn’t the first time Binance has cracked down on Solana token trading in the past month.

Earlier this month it announced that it temporarily suspended deposits of the USDC and USDT stablecoins on the Solana blockchain β€œuntil further notice,” although that would happen later Resume deposits from USDC (SOL).

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