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Breaking: Binance, OKX Halt Solana USDT, USDC Deposits


coingape.com 17 November 2022 12:44, UTC
Reading time: ~1 m

Crypto exchanges Binance and OKX announced temporary suspension of USDC (SOL) and USDT (SOL) deposits. The development comes after recent suspension of USDC and USDT on Solana deposits and withdrawals by crypto.com. Crypto.com cited recent industry events for the decision. Meanwhile, the Solana (SOL) price is dropping sharply following this announcement.

In the last one hour, SOL price dropped 3.48%. As of writing, Solana (SOL) price stands at $13.70, down 3.03% in the last 24 hours, according to price tracking CoinMarketCap. The latest impact on SOL adds to the already worse situation in the ongoing bear market. The FTX meltdown followed by its bankruptcy announcement marked a huge drop in crypto prices over the last one week. While Bitcoin (BTC) price stands at $16,576, the FTX Token (FTT) price is currently at $1.63, down 0.41% in the last 24 hours. The FTX token dropped around 95% in value over the last 10 days.

Binance Suspends Solana Blockchain Deposits With USDT, USDC

In a latest, top crypto exchange Binance said in an announcement it was temporarily suspending deposits of USDC (SOL) and USDT (SOL). With this, Binance joined the list of major crypto exchanges that placed suspension on Solana transactions. Besides crypto.com, OKX and Bybit also announced the USDC (SOL) and USDT (SOL) deposit suspension.

“Deposits of USDC (SOL) and USDT (SOL) have been temporarily suspended until further notice.”

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