Binance is facing renewed scrutiny after crypto analyst MartyParty accused the exchange of manipulating Solana’s (SOL) price through long-term coordination with market maker Wintermute.
In a post shared on X, MartyParty alleged that Binance has been transferring tens of thousands of SOL to Wintermute daily for over two years to suppress prices and extract liquidity from leveraged traders.
According to MartyParty, Binance’s own proof-of-reserves shows no SOL holdings beyond customer deposits, raising concerns about how the exchange could execute such transfers. “They have no $SOL of their own, yet keep sending it to Wintermute. This is clear evidence of coordinated manipulation,” he wrote, urging U.S. regulators to investigate given Solana’s growing role in blockchain-based financial infrastructure.
The claims have sparked a debate across the crypto community, with some users calling for an independent audit of Binance’s asset movements. Critics note that without clear rules, Binance’s tactics, ethical or not, remain technically legal in today’s unregulated market.
Broader pattern of market manipulation claims
The Solana allegations follow similar accusations last month that Binance sold massive amounts of Bitcoin (BTC) and Ethereum (ETH) during key market swings. Analysts observed the exchange building up over $2 billion in stablecoin reserves while BTC and ETH prices fell sharply, a move that some interpreted as calculated market pressure.
Traders also pointed to timing correlations between Binance CEO Changpeng “CZ” Zhao’s social media posts and abrupt price movements, suggesting potential signaling behavior. “Every time CZ says ‘buy the dip,’ the market spikes. Every time he hints at a bull run, it tanks,” one analyst commented, calling the pattern “too consistent to ignore.”
Together, the accusations paint a picture of growing distrust in Binance’s trading activity. The exchange’s influence across asset pairs, from Solana to Bitcoin, has prompted fresh calls for tighter transparency requirements.
As U.S. and EU regulators tighten scrutiny, Binance faces accusations that go beyond isolated incidents, suggesting a deeper pattern of market control across crypto.