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Binance Temporarily Suspends USDT and USDC Deposits on Solana Blockchain, Resumes Later – USD Coin (USDC/USD), Solana (SOL/USD)

Cryptocurrency exchange Binance Thursday temporarily suspended stablecoin deposits USDC USD/USD and USDT USDT/USD on the Solana blockchain “until further notice”, but resumed a few hours later.

“After internal evaluation and review, Binance has now resumed deposits for USDT (SOL),” the company said. declared in his official blog post.

USDT and USDC stablecoins developed and controlled by companies Attached and Circle respectively, are pegged to the US dollar and are available on a number of blockchains, including Solana and Ethereum.

Binance did not provide any explanation behind its reasoning for to suspend the deposits.

Rival crypto exchange OKX had earlier this week too announcement suspension of deposits and withdrawals of the two Solana-based stablecoins.

Read also : Salvadoran President Nayib Bukele and Justin Sun of Tron will buy 1 bitcoin a day

Similarly, another crypto exchange Crypto.comciting recent industry events, had halted USDT and USDC deposits and withdrawals on the Solana network.

Notably, these decisions will only affect users who choose to use stablecoins on the Solana network. Those withdrawing via networks like Polygon, Algorand or Ethereum, for example, would not be impacted.

Like Binance, neither OKX nor provided justification for their actions.

Meanwhile, Jeremy Allaireco-founder and CEO of Circle declared“USDC on Solana is working as expected and there are no issues with issuing or redeeming USDC. USDC is always exchangeable 1 for 1 for US Dollars. Any amount. Anytime . Free. Always.”

FTX collapsed, Solana stumbled

The Solana SOL/USD Solana Foundation tokens have performed poorly since the collapse of FTX last week, which sparked one of the most erratic weeks in cryptocurrency market history.

Following FTX’s rapid plunge into insolvency, nearly every cryptocurrency suffered significant losses, but Solana’s SOL token suffered the worst.

The value of the token decreased by 94.9% from $259.96 to just $13.13, according to data from CoinGecko at the time of writing.

Next: New FTX chief appalled by mismanagement of Crypto Exchange under Sam Bankman-Fried

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