The cryptocurrency exchange Binance temporarily suspended deposits of the stablecoins Tether (USDT) and USD Coin (USDC) issued on the Solana network. The company did not explain the reason for the decision.
Binance resumed deposits in USDT on Solana. Depositing USDC to the account in the specified network remains unavailable.
The OKX platform announced delisting of the mentioned assets. Users also report that Bybit has made a similar decision.
Binance, OkEx, Bybit all temporarily halting USDC/T deposits on Solana . https://t.co/vTQ759Gxg4
— Hsaka (@HsakaTrades) November 17, 2022
When attempting to deposit USDT on the Solana network on Bybit, a message appears stating that deposits in the selected network are temporarily unavailable. According to the notice, the reason is wallet maintenance.
Solana’s prices reacted negatively to the announcements. In the last hour and a half the price fell by almost 5%. At the time of writing, the cryptocurrency was trading near $13.32.
Binance declined to comment on the situation surrounding the suspension of operations.
Earlier similar decision was taken by the cryptocurrency platform Crypto.com. Its chief executive Kris Marsalek explained the move citing problems at the FTX exchange, which “was an important bridge/venue for Solana-based stablecoins.”
According to Tether, nearly 1.9 billion USDT are authorized on the Solana network. According to Solscan, the market capitalization of USDC in the network exceeds $5 billion.
Solana is one of the portfolio assets of Sam Bankman-Fried’s Alameda Research.
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