Crypto Exchange Binance Suspends Solana USDC and USDT Deposits

Binance Temporarily Pauses Withdrawals Post Ankr Hack
  • The major cause was the talk regarding Alameda contemplating the sale of its SOL assets.
  • This comes after crypto.com blocked USDC and USDT withdrawals and deposits for SOL.

Temporarily, Binance has stopped accepting deposits of USDC (SOL) and USDT (SOL) from users. This comes after crypto.com blocked USDC and USDT withdrawals and deposits for Solana. Crypto.com highlighted recent industry developments for the decision. After this news, the price of Solana (SOL) has fallen significantly.

The price of SOL decreased by 4% following the news. According to CMC, the price of Solana (SOL) went down all the way up to $13.08. This recent blow to SOL just makes a bad bear market more drowning.

Over the last week, cryptocurrency values have plummeted due to the FTX breakdown and subsequent bankruptcy declaration. While Bitcoin (BTC) price is at $16,523, the FTX Token (FTT) price is now at $1.59, up 0.98% in the previous 24 hours. In the previous week, the value of FTX tokens plummeted by 95 percent.

Several Exchanges Suspend SOL Deposits

Binance, the world’s largest cryptocurrency exchange, has announced it will be temporarily halting deposits of USDC (SOL) and USDT (SOL). Adding to the list of prominent cryptocurrency exchanges that have halted Solana transactions, Binance has done the same. Both OKEx and Bybit, along with crypto.com, have declared that they would be suspending USDC and USDT deposits immediately.

Furthermore, since the FTX breakdown started two weeks ago, Solana (SOL) has been hit hard due to the exchange’s dependence on the blockchain. A wave of panic selling hit the cryptocurrency market as news of the FTX crash spread. Moreover, the major cause was the talk regarding Alameda contemplating the sale of its SOL assets.

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