Binance Delists Serum (SRM) Trading Pairs

Binance, the leading global cryptocurrency exchange, has announced the delisting of Serum (SRM) trading pairs effective November 28th. The affected pairs include SRM/BNB, SRM/BTC, and SRM/USDT. Alongside these, the exchange will also delist ARK/BTC, BEAM/BTC, BTCST/BTC, BTCST/USDT, GTO/BTC, GTO/USDT, MITH/BTC, MITH/BNB, PERL/BTC, PNT/BTC, REP/BTC, TRIBE/USDT, and XEM/BTC on the same date.

Serum, a decentralized exchange built on the Solana blockchain, has had strong ties with the now-defunct FTX exchange. On November 14th, the Solana Foundation disclosed that it held 134.54 million SRM on FTX, raising concerns about the project's future. The Solana ecosystem has suffered significant losses, with nearly $700 million wiped out and a 70% drop in Total Value Locked (TVL), now standing at $1 billion, following the FTX collapse.

Read more: What’s next for the Solana ecosystem post-FTX collapse?

SRM was one of the high-value assets listed in FTX's remaining holdings, according to former CEO Sam Bankman-Fried. However, this figure might be misleading, as SRM's liquidity is very low, similar to other "Sam coins" designed with high valuations but low circulating supplies. FTX/Alameda is accused of intentionally designing these "Sam coins" like SRM, FIDA, OXY, and MAPS to be easily collateralized for loans.

Despite the crisis, Serum made a surprising and rapid comeback, driven by the community's plan to fork the project during the FTX turmoil, with SRM's price soaring by up to 250%.

According to CoinMarketCap, although SRM remains listed on Kraken, KuCoin, and Gate.io, the majority of the token's trading volume occurs on Binance.

As of writing, SRM is trading at $0.2719, down 6.1% over the past 24 hours.

Daily Chart of SRM/USDT on Binance, Screenshot from TradingView on 11/26/2022 at 1:45 PM