Crypto exchange Binance stops depositing USDT and USDC stablecoins on the Solana network

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Binance has temporarily suspended deposits of Tether (USDT-USD) and USD Coin (USDC-USD) stablecoins on the Solana (SOL-USD) blockchain, the cryptocurrency exchange announced in a blog post on Thursday.

The reasons for the sudden move were not given, although it is important to note that solana (SOL USD) has a close connection to the collapsed crypto exchange FTX. SOL tokens have lost some 85% since the FTX chaos started over a week ago and was changing hands at $13.51 at the time of writing.

At the same time, rival exchange OKX announced that it had delisted Circle’s USDC (USDC-USD) and Tether’s USDT (USDT-USD) effective Nov. 17, according to a press release.

Meanwhile, Circle CEO Jeremy Allaire assured that USDC (USDC-USD) is “working well” on Solana, which is natively published by Circle, he wrote in a Twitter post. “Not clear what are the motivations for exchanges that are disappointing.”

Neither Binance nor OKX immediately responded to Seeking Alpha’s request for comment.

Update at 6:03pm ET: Binance announced that it has resumed Solana-based Tether (USDT-USD) deposits following an internal assessment and review.

Last week (November 9), Crypto.com suspended USDC and USDT deposits and withdrawals on the Solana network.

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