Binance Halts Deposits of Solana-based USDT and USDC

Binance and BitMEX have moved to halt the deposits of Solana-based USDT and USDC while OKX went as far as delisting them

Binance, the world’s largest cryptocurrency exchange by reported trading volumes, has halted deposits of Solana-based Tether (USDT) and USD Coin (USDC) stablecoins.

The trading platform’s users will not be able to deposit the tokens “until further notice.”

This comes after OKX, another major cryptocurrency exchange, delisted the Solana-based versions of the two largest stablecoins.

BitMEX followed Binance’s example by moving to suspend deposits of the aforementioned tokens.

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Tether and USD Coin are the third and fourth biggest cryptocurrencies by market capitalization, respectively.

In September 2020, Tether became the very first stablecoin to launch on Solana. Back then, the top “Ethereum killer” was still a relatively obscure blockchain. Circle’s USDC was moved to the Solana blockchain a month later.

FTX’s rapid downfall translated into deteriorating sentiment for the entire Solana ecosystem. Solana-based decentralized applications have bled $700 million worth of funds amid the ongoing crisis.

On Nov. 10, the Solana Foundation clarified that it had $1 million in cash or cash equivalents stored on the now-defunct exchange. It is unable to access these assets since they have been stuck on the platform.

Solana (SOL) is down 4% over the past hour, currently trading at $13.31. The native token of one of the key Ethereum competitors has plunged a whopping 94.91% from its record high.