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Binance, the world’s largest cryptocurrency exchange, has instructed its customers to consider Kamino Finance for clarification on failed transactions.
The exchange issued a Clarification via X (formerly Twitter) official wallet account after an increase in complaints from users who encountered failed, lost balances, and stalled transactions, whilst interacting with Camino Finance via Binance Wallet.
Over the past few days, several Binance wallet users have been expressing concerns on social media about transaction failures when they were involved in Kamino Finance, a decentralized protocol built on the Solana blockchain. Complaints range from failed token swaps to liquidity transactions that appear to hang or fail without refunds or visible confirmation.
These reports have led users to tag their official Binance Wallet accounts in the hopes of receiving technical support or intervention. However, Binance quickly made his position clear.
Binance Wallet blames Kamino Finance
In a direct response to a user’s complaint on April 29th, Binance Wallet said: “Hello, the reason for the screenshot is related to the underlying DEX. The KMNO token failure rate is relatively high. This issue must be resolved by the underlying DEX.”
In a statement, Binance said they were in contact with the Kamino Finance team, “We communicated with the underlying DEX and other parties have confirmed the issue. We will continue to track this issue and optimize it in the future.”
Kamino Finance, a Solana-based Defi protocol known for providing lending, leverage and liquidity provisioning, has yet to publicly respond to a wave of user complaints about X or Binance’s claim that it is responsible for the current issues that plague users who run transactions through Binance’s platform.
Kamino works outside the control of centralized platforms such as Binance.
Communities split on responsibility
Reactions within the crypto community are split. Some users have argued that Binance is wrong because the balance is gone after a failed transaction, not because of the success rate of Camino Finance.
Another user, under the first post, shared one of the posts that Binance clearly positions his clients’ issues, posting that the issue is not specific to Kamino Finance Transactions, saying, “Aero is also failing, so is there something wrong with Aero’s Dex?”
Users also emphasized that the responses they gained from Binance’s customer service are different from Binance in the statement posted to X. According to users, Binance’s customer service states: Trading strategy.
Another user shared a similar issue with Fartcoin, pointing out Binance that issues from Binance’s trading platform could be beyond Kamino Finance.
Alpha traders are bringing this current problem to Binance to solve it, but the exchange continues to blame the debtor’s fingers.
Some of the conversations between Binance and the customer occurred in Chinese and translated.
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