Users report inconsistent responses from Binance, sparking community skepticism.
Binance, the largest cryptocurrency exchange in the world, has told its customers to look at Kamino Finance for clarification over failed transactions.
The exchange issued the clarification via its official wallet account on X (formerly Twitter) following growing complaints from users encountering failed, disappearing balances, and stalled transactions while interacting with Kamino Finance through Binance Wallet.
Over the past days, multiple Binance Wallet users have raised concerns on social media about failed transactions when engaging with Kamino Finance, a decentralized protocol built on the Solana blockchain. The complaints range from unsuccessful token swaps to liquidity transactions that appear to hang or fail without refunds or visible confirmations.
These reports prompted users to tag Binance Wallet’s official account in hopes of receiving technical support or intervention. However, Binance was quick to clarify its position.
Binance wallet blames Kamino Finance
In a direct reply to user complaints on April 29, Binance Wallet stated: “Hello, the reason in the screenshot is related to the underlying DEX. The failure rate of the KMNO token is relatively high. This problem needs to be solved by the underlying DEX.”
Binance also mentioned in the statement that they are in touch with the Kamino Finance team, stating, “We have communicated with the underlying DEX, and the other party has confirmed the problem. We will continue to track this problem and optimize it in the future.”
Kamino Finance, a Solana-based DeFi protocol known for offering lending, leverage and liquidity provisioning, has not yet publicly responded to the wave of user complaints on X or Binance’s claim that it’s responsible for the current issues plaguing users who run transactions with it via Binance’s platform.
Kamino operates outside the control of centralized platforms like Binance.
Community split on responsibility
Reactions within the crypto community have been divided. Some users argued that Binance is getting it wrong, as it’s not about the success rate of Kamino Finance but that balances are disappearing after failed transactions.
Another user, under whose initial post, Binance shared one of the posts clarifying its position on customers’ challenges, posted that the issue wasn’t unique to Kamino Finance transactions, stating that, “AERO also fails, so there is something wrong with AERO’s dex, right?”
The user also highlighted that the response they got from Binance customer service was different from the statement Binance posted on X. According to the user, Binance customer service said, “Thank you for your patience while I learn about your concerns. We sincerely apologize for any inconvenience this may cause. Regarding price volatility, unfortunately this is one of the risks you face when trading such products, it is a common situation in the cryptocurrency space and you must take these factors into account when developing your trading strategy. Thank you for your understanding.”
Another user shared similar issues with Fartcoin while pointing out to Binance that the issues may be beyond Kamino Finance and more from Binance’s trading platform.
While alpha traders are bringing up this current issue to Binance for resolution, the exchange continues to point accusing fingers at DeFi actors.
Some of the conversations between Binance and the customers occurred in the Chinese language and were translated.
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