Solana News Today: Binance Accused of Pumping BNB While Crashing the Rest of Crypto

Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended Solana (SOL) trading pairs following allegations of market manipulation tied to its native token, BNB. The move has reignited scrutiny over Binance’s influence on crypto markets and raised concerns among investors and analysts alike.

Recent on-chain data and trader sentiment suggest that Binance may be artificially inflating the price of BNB while simultaneously suppressing other major assets. According to Twitter user Dan Gambardello, Binance appears to be “suppressing the broader crypto market while pumping their coin $BNB to all-time highs.” This alleged strategy involves large-scale selling of non-BNB assets, which has pushed prices lower and potentially triggered liquidations among leveraged long positions, particularly in highly leveraged markets such as 100x and 50x contracts.

The manipulation allegations come amid a broader market downturn. The global crypto market capitalization has dipped below $3.83 trillion, down 1.25% from recent peaks. Major cryptocurrencies have seen declines: Bitcoin is trading below $113,100 after a 10% drop, Ethereum is at $4,270, and altcoins such as XRP, Solana, and Cardano have also fallen. The timing of these movements raises questions about whether the market correction is being accelerated by strategic selling by Binance or driven purely by macroeconomic factors.

Binance’s decision to halt Solana trading pairs is a direct response to mounting pressure. While the exchange has not issued an official statement citing specific reasons for the suspension, it aligns with broader regulatory and market-related risks. The move comes just days after OSL, one of Hong Kong’s few licensed crypto exchanges, received regulatory approval from the Securities and Futures Commission (SFC) to offer Solana to retail investors. This approval was seen as a significant step toward mainstream adoption, expanding Solana’s accessibility in a major financial hub.

The suspension of Solana trading on Binance adds to growing uncertainty among investors. While the platform has long played a pivotal role in the crypto market, its perceived manipulation of BNB raises ethical and regulatory concerns. Analysts warn that the incident could signal a broader issue with how major exchanges influence price action and liquidity, particularly in a market where a small number of platforms dominate trading volumes.

At the same time, Solana’s recent developments remain a key focus. Hong Kong’s regulatory push to legitimize crypto tokens, including Solana, reflects a broader trend of institutional adoption and growing acceptance of digital assets. With a market capitalization of $111.61 billion, Solana has shown resilience despite the recent volatility. However, the suspension of its pairs on Binance at this juncture could hinder its short-term momentum and limit exposure for retail investors seeking to access the token through major platforms.

The situation underscores the need for greater transparency and regulatory oversight in the crypto market. While Binance and other exchanges play a critical role in price discovery, the allegations of manipulation highlight the vulnerabilities in a market still in its early stages of institutional integration. As Hong Kong and other jurisdictions continue to develop clearer regulatory frameworks, the balance between innovation and market integrity will remain a central challenge for the crypto ecosystem.

Source:

[1] 1 Brand-New Catalyst for Solana That Could Portend Great (https://www.fool.com/investing/2025/08/24/1-brand-new-catalyst-for-solana-that-could-portend/)

[2] Solana Price, SOL Price, Live Charts, and Marketcap (https://www.coinbase.com/price/solana)

[3] BNB under scrutiny as Binance faces price manipulation (https://investx.fr/en/crypto-news/binance-accused-manipulation-bnb-cryptocurrencies-what-investors-need-know/)