Binance, the world’s largest exchange, announced on Thursday morning that deposits of USD Coin and Tether (USDT), on the Solana Blockchain “have been temporarily suspended” and that the SOL token would test $12.45. This announcement comes just after OKX, another cryptocurrency exchange, announced it would delist USDC.
The post Just In: Binance Resumes USDT (SOL), Shortly After Platform De-listing appeared first on CoinGape.
Binance, the world’s largest exchange, announced on Thursday morning that deposits of USD Coin and Tether (USDT), on the Solana Blockchain “have been temporarily suspended” and caused the SOL token price to drop to $12.45. This announcement comes just after OKX, another cryptocurrency exchange, announced it would delist USDC & USDT on Solana, thus ending its support for withdrawals & deposits.
Binance Makes a U-Turn
Binance announced that it will now accept deposits for USDT (SOL), as per Binance’s recent announcement.
The sudden change in heart is due to an “internal evaluation and review” by Binance, which led to the relisting USDT token on Solana.
The collapse of FTX, Alameda Research and other blockchain companies has been particularly devastating to the SOL token and its native SOL token. Alameda was SOL’s largest investor and former CEO Sam Bankman Fried personally promoted it as an alternative to Ethereum.
Read More: Co-founder of Solana (SOL), Labs Says That They Didn’t Own Assets on FTX
Top Exchanges Delist USDT & USDC (SOL).
Binance announced that USDT and USDC deposits from Solana-based USDT were “temporarily suspended” by the platform on Nov. 17.
The crypto giant didn’t provide any additional information about the actions taken. It stated that it “reserves to modify, change or cancel this announcement in its sole discretion at any time and for any reason without prior notice.”
Other exchanges, including OKX and ByBit, have also removed the Solana-based stablecoins. OKX stopped depositing at 3:00 UTC and ByBit disabled it shortly thereafter.
SOL, the native token for the Solana blockchain has been greatly affected by the whole FTX saga. However, due to Binance’s recent announcement of relisting, the price has jumped 2.52% in just one hour and is currently at $13.50 at the time this article was written.
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