HomeCoinsBitcoinWhy Binance Halted Transactions With Solana Stablecoins


Binance and different best crypto exchanges halted stablecoin deposits from the Solana (SOL) blockchain. The corporations launched an legit remark claiming that the measure shall be transient, however it will have damaging implications for the SOL ecosystem. 

Solana (SOL) trades at $13.5, with a 5% loss within the remaining 24 hours and a three% loss within the earlier week. The cryptocurrency is recording important losses throughout all timeframes because of the hot match surrounding FTX and the contagion impacting the crypto business. 

Solana SOL SOLUSDT FTX Binance
SOL’s worth developments to the disadvantage at the day-to-day chart. Supply: SOLUSDT Tradingview

Binance Halts Operations With Solana, Is This Blockchain In Risk?

Binance, OKX, Bybit, and different best crypto exchanges took a an identical measure. The platforms suspended operations with stablecoins USDC and USDT on Solana however failed to provide an explanation for their choice to the customers. 

As an example, Binance posted the next message by way of its social networks and its legit website online:

Fellow Binancians, Deposits of USDC (SOL) and USDT (SOL) were quickly suspended till additional realize. Thank you to your strengthen!

The crypto buying and selling venue didn’t specify when they’re going to resume stablecoin operations with Solana. OKX took a stricter measure by way of absolutely delisting the virtual property. Very similar to Binance, the trade stored its reasoning at the hours of darkness. 

Throughout social media, customers were speculating in regards to the causes for this choice by way of crypto exchanges. Some consider the delisting is motivated by way of the cave in of FTX and its former CEO and founder Sam Bankman-Fried. 

The previous FTX government used to be a well known Solana bull. The cave in of FTX would possibly create unexpected penalties throughout crypto firms, initiatives, and crypto ecosystems. The marketplace believes fresh occasions may negatively affect SOL. 

Bankman-Fried and different FTX traders have been concept to have collected tens of millions of bucks in SOL. The corporate is in the course of its chapter procedure. Due to this fact, there are expectancies that the Chapter court docket would possibly order the liquidation of any budget in Solana or different cryptocurrencies on this complaints. 

If this is the case, SOL’s worth may face large promoting force. The rest FTX-backed or related to the failed crypto trade turns out vulnerable to following its trail. 

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