Why Binance And Top Crypto Exchanges Halt Transactions With Solana Stablecoins

Binance and other top crypto exchanges halted stablecoin deposits from the Solana (SOL) blockchain. The companies released an official statement claiming that the measure will be temporary, but it could have harmful implications for the SOL ecosystem.

Timeline of Solana

There is a sharp drop in Solana (SOL) price as exchanges suspend deposits of stablecoins on the Solana network. The post SOL Price Freefalls as Crypto Exchanges Suspend USDT, USDC Transfers on Solana appeared first on BeInCrypto.

Cryptocurrency exchange Binance on Thursday temporarily suspended deposits of the stablecoins USDC (CRYPTO: USDC) and USDT (CRYPTO: USDT) on the Solana blockchain "until further notice," but resumed a few hours later. "After internal assessment and review, Binance has now resumed deposits for USDT (SOL)," the company stated in its official blog post.

Solana (SOL) was one of the hardest hit blockchains by the FTX collapse. Even now, more than a week after the initial bankruptcy, SOL continues to buckle under the weight of uncertainty left among its users and investors given Sam Bankman-Fried's (SBF) heavy involvement in the Solana blockchain.

On Thursday morning, the world's biggest exchange, Binance, announced that deposits of USD Coin (USDC) and Tether (USDT) on the Solana blockchain “have been temporarily suspended until further notice,” causing the SOL token to test a low of $12.45. The move comes right after OKX, another crypto exchange,  announced that it will delist USDC and The post Just-In: Binance Resumes USDT (SOL) Shortly After De-listing From Platform appeared first on CoinGape.

The announcement from the largest crypto exchange by trading volume comes after rival OKX announced it will delist both USDC and USDT on Solana. The post Binance halts Solana-based USDC and USDT deposits, in line with rivals appeared first on The Block.

Crypto exchanges Binance and OKX announced temporary suspension of USDC (SOL) and USDT (SOL) deposits. “Deposits of USDC (SOL) and USDT (SOL) have been temporarily suspended until further notice.

Recent Solana price analysis has been bearish as the cryptocurrency has fallen below a key resistance level. The digital asset is currently trading at $14.24 and is down by 0.87 percent in the last 24 hours.

Solana‘s price was badly impacted by the recent FTX meltdown and dropped heavily from levels close to $40 to as low as $12. While many were perplexed because no direct link was visible to the naked eye, the details that emerged later astounded the entire crypto space.

The Solana price analysis is bullish today as the coin's price function is headed upwards for the third consecutive day, and we expect more upside to follow after a break above $14.63. as SOL is retesting $14.63 resistance after covering the range upwards since November 14, 2022.

The Solana (SOL) ecosystem, according to Laguna Labs Chief Executive Officer (CEO) Stefan Rust, took a harder hit compared to other major digital coins such as Bitcoin and Ethereum following the collapse of the FTX crypto exchange. Here's a quick glance at SOL performance: Following the collapse of FTX, Solana lost almost 60% of its market value SOL has gone up by 2% over the last 24 hours, trading above the $14 marker Solana coins deposited on blockchain decreased sharply, from 68 million in June to just almost 25 million now “In the current crypto shakeout, the most unfortunate innocent victim is the Solana ecosystem,” Rust said.