Binance Accused of Manipulating Solana Price
Crypto analyst MartyParty has accused Binance of manipulating Solana’s (SOL) price. He claims Binance coordinated with market maker Wintermute for over two years. According to MartyParty, Binance transferred tens of thousands of SOL tokens daily to Wintermute. This, he says, was done to suppress SOL prices and extract liquidity from leveraged traders.
MartyParty shared these allegations on X, presenting on-chain evidence and transaction records. He highlighted that Binance’s proof-of-reserves shows no SOL holdings beyond customer deposits. “They have no $SOL of their own, yet keep sending it to Wintermute,” he wrote. He called for U.S. regulators to investigate, citing Solana’s growing role in blockchain finance.
Community Reaction and Calls for Transparency
The accusations have sparked debate in the crypto community. Some users demand an independent audit of Binance’s asset movements. Critics note that Binance’s actions, while ethically questionable, may be legal under current regulations. The lack of clear rules leaves Binance’s tactics unregulated.
Previous Market Manipulation Claims Against Binance
This is not the first time Binance faces market manipulation accusations. Last month, the exchange was accused of selling large amounts of Bitcoin (BTC) and Ethereum (ETH) during key market swings. Analysts observed Binance building over $2 billion in stablecoin reserves while BTC and ETH prices dropped sharply. Some saw this as deliberate market pressure.
Traders also noted timing links between Binance CEO Changpeng “CZ” Zhao’s social media posts and sudden price moves. One analyst said, “Every time CZ says ‘buy the dip,’ the market spikes. Every time he hints at a bull run, it tanks.” They called this pattern “too consistent to ignore.”
These claims have increased distrust in Binance’s trading practices. The exchange’s influence across multiple assets has led to calls for greater transparency. As regulators in the U.S. and EU increase scrutiny, Binance faces growing pressure over its market behavior.
