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Finance

Crypto Exchange Binance Delists Serum Trading Pairs Amid FTX Connection

Three Serum trading pairs on Binance will be terminated on Nov. 28.

By Oliver Knight
AccessTimeIconNov 25, 2022 at 3:24 p.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC
Changpeng Zhao (CoinDesk)
Changpeng Zhao (CoinDesk)

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

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter
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