Binance Lists Aster as $270M Whale Buys Stir Debate

Key Points

• Binance lists Aster with USDT, USDC, and TRY pairs on Spot
• Whales withdrew $270M ASTER before the listing
• DeFiLlama delists data amid wash trading suspicions
• Critics claim Ponzi-like behavior, but hype remains strong

Binance lists Aster (ASTER) on its main Spot trading market, officially opening up trading pairs for ASTER/USDT, ASTER/USDC, and ASTER/TRY.

This move marks a major upgrade for the token, which previously appeared on Binance Alpha, a venue for testing early-stage coins. Now, it’s available to the wider market.

We’ve been investigating aster volumes and recently their volumes have started mirroring binance perp volumes almost exactly

Chart on the left is XRPUSDT on aster, you can see the volume ratio vs binance is ~1

Chart on the right is XRP perp volume on hyperliquid, where there’s… pic.twitter.com/MwVD7rRyEn

— 0xngmi is hiring (@0xngmi) October 5, 2025

Trading began on October 6 at 12:00 UTC, with deposits opening three hours earlier and withdrawals set to follow a day later.

Binance assigned a Seed Tag to Aster, highlighting its early-stage risk. Users must now complete a risk quiz every 90 days to trade it, a system Binance uses to promote user awareness. This listing also comes at a time when Binance is regaining attention in the market.

Its native token, BNB, has recently hit an all-time high of $1,223, gaining 21% in a week. Founder CZ’s net worth now sits at $87.3 billion, adding to the narrative that Binance remains a dominant force.

As Binance expands its listings, it’s becoming a magnet for early-stage DeFi speculation. This listing also arrives just as Coinbase secured a bank license, a move that could bring more compliance-driven projects into the spotlight.

You can explore how Coinbase’s bank license is reshaping crypto finance here.

Stage 2 Genesis (S2) has come to a close. As we turn the page, we now begin a new chapter, Stage 3 Dawn (S3)

For S2 only, we are adding more flexibility to how you can claim your S2 rewards:

Option 1: Receive your $ASTER airdrop as usual.

Option 2: Get a full refund of your S2…

— Aster (@Aster_DEX) October 6, 2025

Back to Aster: the big headline is the $270 million whale withdrawal right before listing. On-chain data shows over 118 million ASTER moved from exchanges, suggesting large holders are positioning early, hoping to ride post-listing hype.

Accusations Fly as DeFiLlama Delists Aster Data

While some are bullish, others are raising red flags.

Analytics platform DeFiLlama removed Aster’s trading data from its site after detecting suspicious activity. Specifically, Aster’s perpetual volumes were nearly identical to Binance’s, an unusual pattern that suggested wash trading. This kind of manipulation inflates volume to simulate demand.

DeFiLlama contributor 0xngmi posted on X that Aster blocks access to detailed order data, which makes verifying real market activity almost impossible. Until transparency improves, Aster will remain delisted from DeFiLlama’s rankings.

Adding to the drama, Aster just entered “Stage 3: Dawn” of its rollout. This phase includes a zero-fee campaign and airdrop refunds. But earlier airdrops sparked criticism. Each epoch only received 1% of total supply, meaning early users benefited the most, while latecomers got smaller shares.

The model resembled a “dark pool”, where reward distribution wasn’t visible or fair. Influencer lynk0x claimed he was offered $250,000 to promote Aster without disclosure.

I was offered $250,000 to promote coin

but I wasn’t allowed to say it was a promo

i had to act like i believed in it and i was gonna size in heavy + long it publicly

I said no, and i do not regret it

everyone else took the deal, many KOLs

the coin was $ASTER

every other…

— lynk (@lynk0x) October 4, 2025

He alleged several others accepted similar deals, stoking more concerns about transparency and manipulation.

Big names in crypto have taken a stance:

• Simon Dedic (Moonrock Capital) called Aster’s approach a “crime-Ponzi playbook.”

• Joshua Tobkin (Supra CEO) said Aster behaves more like a centralized exchange (CEX), which contradicts its DeFi branding.

Still, despite mounting skepticism, whales are buying. This behavior mirrors trends in low-cap perpetual DEX tokens, where early-stage projects often draw both hype and controversy. Check out our breakdown of promising low-cap perp DEX tokens here.

Speculation, Whales, and the Future of DeFi

With Aster now listed on Binance Spot, attention is back on whether it can recover from its trust issues. Whale accumulation usually signals confidence, but without clear, verifiable trading data, many remain cautious.

Still, the listing could spark renewed interest in perpetual DEX markets. Analysts say decentralized platforms are set to challenge CEXs.

Max Shannon from Bitwise believes that if DEXs can increase their market share from 30% to 50%, yearly trading volume could reach $20 trillion. If that rises to 75%, the figure could top $30 trillion.

A shift is clearly happening in crypto trading behavior. We’re seeing rising demand for transparency, decentralized trading, and on-chain proof.

This is even more apparent as major Bitcoin events, like the Bitcoin options expiry, impact broader volatility. Read how that affects the market here.

And let’s not forget, Bitcoin recently reached a new all-time high, reflecting renewed optimism across the crypto ecosystem. You can catch up on the full story here.

Despite its flaws, Aster might still attract investor attention. It joins a growing list of projects riding the high-risk, high-reward model in DeFi. While some fade under scrutiny, others thrive due to liquidity, utility, or just plain community momentum.

One key comparison is Hyperliquid, a perpetual DEX that lost 82% market share but remains a top pick for investors due to its innovation. You can read more about Hyperliquid’s journey here.

Whether Aster will follow that path or flame out remains to be seen. But with Binance in its corner and whales buying big, it’s earned a spot on the radar, for better or worse.