Binance has been accused of manipulating the price of Solana (SOL) through a long-term arrangement with market-making firm Wintermute. The allegations, made by crypto analyst MartyParty, suggest that Binance has been transferring large volumes of SOL to Wintermute daily for more than two years to keep prices suppressed and extract liquidity from leveraged traders.
In a post on X, MartyParty pointed to Binance’s own proof of reserves, which reportedly shows no SOL holdings beyond customer deposits. He questioned how the exchange could sustain such transfers without possessing its own supply of SOL. “They have no $SOL of their own, yet keep sending it to Wintermute. This is clear evidence of coordinated manipulation,” he wrote, calling for U.S. regulators to investigate given Solana’s growing importance in decentralised finance and blockchain infrastructure.
The accusations have triggered heated discussions within the crypto community. While some traders and analysts are demanding an independent audit of Binance’s asset flows, others argue that such practices—though controversial—may not breach existing regulations due to the largely unregulated nature of crypto markets.
These latest claims build on a series of previous allegations involving Binance’s market behaviour. Just last month, the exchange faced criticism for allegedly offloading substantial amounts of Bitcoin (BTC) and Ethereum (ETH) during major price fluctuations. Market observers noted that Binance accumulated over $2 billion in stablecoins during that period, which some interpreted as an effort to influence market direction.
Additionally, analysts have pointed out recurring patterns between Binance CEO Changpeng “CZ” Zhao’s social media activity and abrupt market movements. “Every time CZ says ‘buy the dip,’ the market spikes. Every time he hints at a bull run, it tanks,” one analyst remarked, suggesting the timing may not be coincidental.
Together, these incidents have amplified concerns about Binance’s influence over crypto markets. With the exchange operating across virtually all major asset pairs, critics fear its activities may distort market dynamics and erode investor confidence. As both U.S. and European regulators intensify scrutiny of crypto exchanges, the new allegations could deepen calls for stricter transparency rules and closer oversight of Binance’s trading practices.
