A series of exchanges that suspend USDC and USDT deposits and withdrawals on the Solana network

Tonight, exchanges Binance, Bybit and BitMEX all of a sudden temporarily suspended deposits and withdrawals of USDT and USDC on the Solana network, “following” rival OKX.

According to the announcement just launched, Binance has suspended Solana USD Coin (USDC) and Tether (USDT) network deposits right up until even more recognize.

Today, @binance – the greatest cryptocurrency exchange by 24-hour volume – suspended deposits of $USDC and of Tether $USDT on @solana blockchain right up until even more recognize.https://t.co/9lDZingoNv

very first/

—shas (@XBT002) November 17, 2022

The determination of the world’s greatest cryptocurrency exchange was created correct following the opponent OKX extension nicely newspaper delist USDC and USDT on Solana and halt supporting deposits and withdrawals from 10am on November 17th.

Not extended in the past, Little by tiny And BitMEX comparable actions, but Bybit has not created an official announcement.

🚨Service Announcement:🚨

Please note that all USDT deposits on the Solana Network (SOL) have been temporarily suspended right up until even more recognize. Thank you for your comprehending!

— BitMEX (@BitMEX) November 17, 2022

Before that, the Bybit exchange deleted SOL3L/USDT and SOL3S/USDT leveraged token pairs and convert the leveraged tokens into USDT. Even the floor REMOVED FTT: FTX exchange token just went bankrupt on eleven/eleven.

In response to the over information and facts, Circle co-founder and CEO Jeremy Allaire mentioned that the USDC issued by his institution nevertheless performs nicely and expressed disappointment that not even he himself knew why.

USDC on Solana is natively issued by Circle and performs fine. It is not clear what are the good reasons for the trading actions, which are disappointing.

—Jeremy Allaire (@jerallaire) November 17, 2022

Stablecoins and tokens on Solana, as nicely as big SOL coins, have given that come underneath closer scrutiny and been hit really hard. Nearly $700 million exited the Solana ecosystem following the catastrophe.

Soon following the information of the cancellation of the deposit and withdrawal gate, SOL straight away fell sharply and has not proven any indicators of stopping, at present trading about the $13.17 deal with.

The motive or lead to of today’s sudden announcements by Binance and OKX is nevertheless unknown, but the neighborhood is puzzled. Coinlive will proceed to offer updates to the neighborhood.

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