Binance, Bybit And OKX Suspend USDT And USDC Deposits On Solana

Twitter icon  •  Published 1 week ago  •  Hassan Maishera

Binance, Bybit, and OKX have followed in the footsteps of Crypto.com and suspended the deposits of USDT and USDC on the Solana blockchain.

Cryptocurrency exchanges Binance, OKX, and Bybit, have suspended USDT and USDC deposits on the Solana network. This latest development comes a week after Crypto.com made a similar move.

Binance announced via a blog post on November 17 that deposits of Solana-based USDT and USDC have been “temporarily suspended until further notice” on its trading platform. 

The cryptocurrency exchange referred to the tokens as “USDT (SOL)” and “USDC (SOL).” Despite suspending USDT and USDC deposits on the Solana blockchain, Binance said the service is available on other blockchains, including Ethereum. 

Binance didn’t provide more information on its decision, pointing out that it “reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.” 

Bybit and OKX are the other cryptocurrency exchanges that have delisted Solana-based stablecoins for deposits. The OKX crypto exchange also suspended the deposit of USDT and USDC stablecoins on the Solana network on Thursday, November 17. In its blog post, OKX said;

“OKX will halt USDC and USDT deposits and withdrawals on Solana at 3:00 AM UTC on Nov. 17, 2022. The deposits and withdrawals of USDT and USDC on other networks will not be affected.”

Bybit also suspended USDT and USDC stablecoins deposits on the Solana blockchain.

The cryptocurrency exchanges suspended USDT and USDC deposits on Solana a week after Crypto.com made the move. In its blog post last week, Crypto.com said;

“Following recent industry events, please be informed that we have suspended deposits and withdrawals of USDC and USDT on the Solana blockchain in the Crypto.com App and Exchange. This is effective immediately. However, you may withdraw USDC and USDT at any time using other supported networks, including Cronos and Ethereum. Please note that retrieval fees for depositing USDC and USDT on the Solana network in the Crypto.com App and Exchange will be waived for two weeks, starting from today.”

These decisions could be tied to reports that the Solana Foundation invested in FTX and held millions of dollars in its native FTT token. However, the Solana Foundation came out and clarified that it had minimal exposure to FTX. 

Circle, the company behind the USDC stablecoin, also came out to reveal that USDC on the Solana blockchain continues to operate as usual, despite the suspension by these crypto exchanges.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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