Binance Suspends Deposits of USDC and USDT on Solana

OKX and Bybit are among other major crypto exchanges that also delisted Solana-based stablecoins USDT and USDC for deposits.

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 tweeted 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

USDC on Solana is operating as expected and there are no issues with issuing or redeeming USDC. USDC is always redeemable 1 for 1 for US dollars.
Any amount. Any time. For Free. Always.
— Circle (@circle) November 17, 2022

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.

Most recently, Crypto.com also paused the deposits and withdrawals for USDC and USDT on the Solana network.

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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