Binance asked projects for details of any market-making relationship details and if they would contribute tokens to its savings products.
Binance staff contacted crypto projects with low-liquidity tokens trading on its platform in the past week.
In the past week, staff at Binance reached out to multiple projects asking for details of their relationships with market makers and whether they would consider contributing funds to the exchange’s savings products, excerpts of messages obtained by The Block show. Specifically, Binance asked whether those projects would consider contributing 1-5% of their circulating tokens to its savings accounts to earn interest.
“The main purpose of our risk management outreach is to encourage project teams to take the recommended steps required to enhance their liquidity protection. Engaging market maker support is one way to enhance such protection,” they said. Market makers are liquidity providers who agree to buy assets at certain prices to help exchanges function smoothly.
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