November 27, 2022

KEY POINTS

  • Binance introduced that deposits for the tokens USDC and USDT had been ‘briefly suspended’
  • OKX additionally introduced delisting USDC and USDT on Thursday
  • SOL was buying and selling down 5.02% at $13.55

The value of SOL, the native foreign money of the blockchain platform Solana, nosedived after cryptocurrency change platforms Binance, OKX, Bybit and BitMex delisted USDC and USDT on Solana.

The value of the crypto asset SOL continues to plummet amid the FTX disaster, crashing 6.7% at $13.08 after numerous CEXs made their respective bulletins concerning the Solana-based stablecoins. It is a large plunge of 64.7% on the crypto asset’s value of $37.09 on Nov. 6, earlier than the unraveling of SBF and FTX.

Retail traders at the moment are questioning if main crypto change platforms are scrubbing the Solana stablecoins. On Thursday, Binance, the world’s largest CEX, introduced that deposits for the tokens USDC and USDT had been “briefly suspended till additional discover.”

The platform didn’t provide any rationalization for the main transfer and later resumed processing deposits for USDT following an “inner evaluation and assessment.” It, nevertheless, didn’t say something or present any replace about USDC.

“Binance reserves the suitable in its sole discretion to amend or change or cancel this announcement at any time and for any causes with out prior discover,” the platform mentioned in its newest weblog. In the identical vein, OKX, the Seychelles-based cryptocurrency change and derivatives change, mentioned it was delisting USDC and USDT on Thursday.

The delisting consists of the suspension of deposits and withdrawals to those Solana-based tokens. The identical was introduced by ByBit because it halted deposits and withdrawals for USDC and USDT.

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BitMex additionally paused USDT deposits and introduced this on Twitter on Thursday. “Please be aware that any deposits of USDT on Solana Community (SOL) have been briefly suspended till additional discover. Thanks in your understanding,” the tweet learn.

With the exchanges providing little to no rationalization for his or her delisting, retail traders turned to hypothesis, which they take pleasure in exchanging on Twitter. Some say that the most recent transfer associated to Solana-based USDC and USDT could also be related to the FTX debacle, which has hit main business gamers like BlockFi and Genesis.

SOL was buying and selling down 5.02% at $13.55 with a 24-hour quantity of $658,842,825 as of 4:45 a.m. ET on Friday, based on the most recent knowledge from CoinMarketCap.

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