Binance Accused Of Market Manipulation Against Solana
Binance is under fresh allegations of market manipulation, with claims that the exchange is deliberately suppressing Solana’s growth to protect its native BNB token.
Binance And Wintermute Under Scrutiny
Crypto analyst Marty Party sparked debate on X (Twitter), accusing Binance of collaborating with market maker Wintermute to prevent Solana (SOL) from overtaking BNB in market capitalization.
He pointed to Binance’s Proof of Reserves (PoR), which shows no SOL holdings apart from customer deposits — totaling 22.433 million SOL tokens. This raises questions about where Binance sources additional SOL to provide trading liquidity.
Binance Proof of Reserves. Source: Binance
Solana Closing In On BNB
At the time of writing, Solana (SOL) trades at $203 with a market cap of $109.7 billion, just behind BNB ($865.97, $120.6 billion market cap). If Solana’s momentum continues, it could surpass BNB to become the third-largest crypto asset by market value.
Controversial Binance–Wintermute Relationship
This isn’t the first time Binance has been linked to Wintermute. Previous reports alleged:
- Coordinated sell-offs of smaller tokens like ACT.
- Controversial $20 million crypto transactions involving both parties.
Critics argue that if Binance uses Wintermute to influence liquidity flows, it represents a direct conflict of interest, undermining both PoR transparency and fair market practices.
Traditional Finance Voices Concern
Alan Knitowski — founder and former CEO of Cisco Systems and Phunware Inc — sharply criticized Binance, stating:
“Why are we accepting such a fragile, corrupt, and easily manipulated system? When will Binance be shut down and prosecuted?”
Such remarks highlight the growing frustration among traditional finance veterans, many of whom once believed blockchain would offer a fairer and more transparent alternative to legacy systems.
Solana’s Strong Growth Continues
Despite the controversy, Solana keeps gaining traction in DeFi, NFTs, and meme coins, positioning itself as a real challenger to both Ethereum and BNB.
This dispute underscores the fragile trust underpinning the crypto market, raising a critical question: Are centralized exchanges like Binance shaping market outcomes to protect their dominance, or are these claims just speculation?
Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.