Binance Suspends Deposits of USDC and USDT on Solana

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The world’s largest cryptocurrency exchange Binance has announced that it temporarily suspended deposits of the stablecoins USDC and USDT on the Solana blockchain ‘until further notice’.

Moreover, many crypto exchanges have begun taking measures in the aftermath of the FTX collapse. OKX and Bybit consequently also delisted Solana-based stablecoins for deposits.

However, It has since resumed deposits for USDT on Solana. Both the stablecoin USDT and USDC are created and managed by companies Tether and Circle.

Following the news of major exchanges delisting USDC, Circle took to Twitter to state that USDC on Solana is operating as usual and there are no issues with issuing or redeeming USDC. Circle also confirmed that USDC is always redeemable for 1 for US dollars 

Binance has not provided any explanation as to why it took this step. Regardless, Binance, OKX, and Bybit aren’t the only crypto exchanges to shutter withdrawals of these stablecoins. 

Compiled by Coinbold

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