Multiple Cryptocurrency Exchanges Stop Depositing Solana Stablecoins

Some of the major cryptocurrency exchanges continue to take measures in light of recent conditions. FTX CollapseBoth companies have suspended stablecoin deposits from the Solana (SOL) blockchain, arguing that the measure will be temporary, although it will have a significant impact on the SOL ecosystem.

Binance Suspends Solana USDC and USDT Deposits

November 17th, Binance announced Until further notice, we will be temporarily suspending the deposit of stablecoins USD Coin (USDC) and Tether (USDT) on the Solana blockchain. The world’s largest cryptocurrency exchange by trading volume has not provided any explanation for its decision to suspend deposits. It further states that it reserves the right, in its sole discretion, to modify, change or withdraw any announcement for any reason at any time without notice.hours later resumed After internal evaluation and review, deposit USDT into Solana. Tether and USD Coin ranked 3rd and 4th in cryptocurrency market capitalization.

Mirrored transfers by other cryptocurrency exchanges

The Solana-based stablecoin has been delisted by cryptocurrency exchange OKX. This includes the suspension of both token deposits and withdrawals on Solana. OKX did not provide further information on its decision.

Following Binance’s lead, Bybit has suspended USDC and USDT deposits and withdrawals, while BitMEX has suspended USDT deposits. In a similar move, cryptocurrency exchange recently decided to suspend USDT and USDC deposits and withdrawals on its Solana network, citing recent industry events.

Solana’s exposure to FTX

FTX founder Sam Bankman-Fried (SBF) has been associated with Solana for a long time. FTX invested in the project through Alameda Research, a company owned by SBF. The Solana Foundation also has his exposure to FTX, which includes $1 million in cash or equivalent assets of FTX, 3.24 million FTX Trading LTD common stock, 3.43 million FTT tokens, and 134.54 million SRM tokens. I had

The recent outages of the Solana-USDT and Solana-USDC stablecoins on exchanges and the event of FTX’s decline have sent native token Solana (SOL) plummeting. SOL is currently trading at $13.78, down about 54% over the past 30 days and 3.90% over the past 24 hours, according to Coinmarketcap. Multiple Cryptocurrency Exchanges Stop Depositing Solana Stablecoins

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