Binance has announced that it will remove several trading pairs, including those of the Solana-based exchange Serum (SRM).
Binance to Remove SRM/BTC, SRM/BNB and SRM/USDT
Binance announced early Friday that it was removing and ceasing the trading of the following trading pairs effective November 28th 2022, at 03:00 UTC.
ARK/BTC, BEAM/BTC, BTCST/BTC, BTCST/USDT, GTO/BTC, GTO/USDT, MITH/BTC, MITH/BNB, PERL/BTC, PNT/BTC, REP/BTC, SRM/BNB, SRM/BTC, SRM/USDT, TRIBE/USDT, XEM/BTC
The team at the exchange explained that users can still trade the assets on other trading pairs available on the exchange. But it will terminate all trading services associated with the trading pairs on the stated date.
SRM/BUSD Still Available for Trading
This, in turn, leaves Serum traders on Binance one option of trading SRM/BUSD after the deadline.
The delisting of Serum (SRM) trading pairs is similar to how Binance removed all FTX Token trading pairs except FTT/BUSD. In mid-November, Binance announced the removal of FTT/BNB, FTT/BTC, FTT/ETH and FTT/USDT.
Serum was Backed by FTX and Alameda Research
The move by Binance to remove three trading pairs linked to Serum (SRM) comes in the wake of FTX collapsing due to the exchange mishandling users’ funds alongside Alameda Research.
Furthermore, the Serum decentralized exchange was backed by both FTX and Alameda Research, with both entities holding significant SRM tokens. This has then led to speculation that a bunch of SRM could be offloaded into the markets.
Consequently, a bunch of Serum developers have floated the idea of forking the platform because its upgrade key could be compromised.
Afaik, the devs that depend on serum are forking the program because the upgrade key to the current one is compromised. This has nothing to do with SRM or even Jump. A ton of protocols depend on serum markets for liquidity and liquidations.
— toly 🇺🇸 (@aeyakovenko) November 12, 2022
SRM/USDT Remains in Bearish Territory on the One-day Chart
The two facts mentioned above have thus led to fears about the future of Serum (SRM) in the crypto markets.
Further checking the one-day SRM/USDT below courtesy of Tradingview, it can be observed that Serum remains in bearish territory below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages.
Its daily MACD and RSI (red) hint at an oversold scenario that could result in a potential upward move towards $0.40. However, its daily MFI hint at buyer exhaustion that could result in a continuation of selling in the following days.
Judging by the general mood in the crypto markets and the removal of the SRM trading pairs, a continuation to lower levels is likely for Serum.
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