Binance, OKX Halt Solana USDT, USDC Deposits; SOL Price?

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.”

Meanwhile, Binance CEO CZ on Thursday revealed some interesting insights from the FTX takeover deal talks. He said that the misappropriation of user funds on the exchange was quite clear from the FTX data. He also said it was quite clear Sam Bankman-Fried used FTX trading funds for Alameda Research. “He has been probably doing this for quite a while until recently and people knew.” CZ clarified that Binance does not use BNB as collateral, when asked about the FTX token situation.

Solana (SOL) has been hugely impacted by the FTX meltdown over the last two weeks owing to the exchange’s links to the blockchain network. The cryptocurrency witnessed severe selling pressure after contagion spread about FTX collapse. The main reason was the speculation about Alameda considering sale of its SOL holdings.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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