4 months ago 1 min read

Binance and OKX Suspend Solana Deposits in USDT and USDC; What's in it for SOL's Price?


USDC (SOL) and USDT (SOL) deposits have been temporarily suspended, according to cryptocurrency exchanges Binance and OKX. The change follows Crypto.com's most recent suspension of USDC and USDT for Solana deposits and withdrawals. For its decision, Crypto.com highlighted recent business developments. Following this news, the price of Solana (SOL) is drastically falling.

SOL's price fell by 3.48% in the previous hour. Solana (SOL) is currently trading at $13.70, a decrease of 3.03% over the previous day, according to price analytics site CoinMarketCap. With the most recent effects on SOL, the current bear market's already dire circumstances have gotten worse. The collapse of FTX and subsequent revelation of its bankruptcy caused a sharp decline in cryptocurrency values over the previous week. The price of the FTX Token (FTT) is currently $1.63, down 0.41% over the last 24 hours, while the price of Bitcoin (BTC) is currently $16,576. Over the previous 10 days, the value of the FTX token decreased by over 95%.

Binance Halts Deposits Made on Solana Blockchain Using USDT and USDC

Binance, a leading cryptocurrency exchange, recently announced that it was temporarily suspending USDC (SOL) and USDT deposits (SOL). With this, Binance became the latest significant cryptocurrency exchange to halt Solana transactions. Along with crypto.com, OKX and Bybit also disclosed the suspension of USDC (SOL) and USDT (SOL) deposits.

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

In the meantime, Binance CEO CZ on Thursday shared some intriguing details from the purchase talks with FTX. He claimed that the FTX data made the misuse of user monies on the exchange fairly obvious. Additionally, he claimed that Sam Bankman-usage Fried's of FTX trading proceeds for Alameda Research was very evident.

“He has been probably doing this for quite a while until recently and people knew.”

When asked about the FTX token situation, CZ reiterated that Binance does not use BNB as collateral.

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