Crypto Exchange Binance Delists Serum Trading Pairs Amid FTX Connection
The exchange will terminate trading of the SRM/BNB, SRM/BTC and SRM/USDT trading pairs on Nov. 28.
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 that 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.