Binance has suspended certain Solana trading pairs amid allegations of market manipulation, sparking fresh debate over trading integrity. The suspension followed unusual SOL price activity that drew comparisons to Binance Coin, igniting scrutiny across the crypto sector.
Reports suggest possible wash trading by high-profile market makers with exposure worth $10 billion, though major firms like GSR denied involvement. Binance confirmed it is investigating the matter while reaffirming its commitment to market integrity.
The action led to heightened volatility, with Solana’s trading volume spiking and liquidations exceeding $500 million. Around $4 billion in stablecoins were also transferred on Binance following the intervention.
Despite the turbulence, Solana’s developer activity has remained stable. Analysts, however, flagged ongoing centralization risks. Binance has a history of banning manipulators, and experts believe this case could invite fresh regulatory attention. The episode underscores the need for greater oversight as institutional participation in crypto deepens.
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