MEXCJust-In: Binance Resumes USDT (SOL) Shortly After De-listing From Platform
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 USDT on Solana altogether, therefore stopping its support for deposits & withdrawals.
Binance Takes A U-Turn
However, as per Binance’s recent announcement, it has changed its mind and will now allow deposits for the USDT (SOL) token.
The reason behind the sudden change of heart is due to an “internal assessment and review” by the Binance team which led to the relisting of the USDT token on the Solana blockchain.
The collapse of FTX and Alameda Research has been especially brutal on the blockchain and its native SOL token, and for good reason: the now-bankrupt Alameda was SOL’s single-largest investor and its former CEO Sam Bankman-Fried personally pitched it as an Ethereum alternative.
Read More: Solana (SOL) Labs Didn’t Have Any Assets on FTX, Says Co-Founder
Top Exchanges Delist USDT (SOL) & USDC (SOL)
Without any prior notice, Binance announced on Nov. 17 that deposits of Solana-based USDT and USDC have been “temporarily suspended until further notice” on the platform.
The crypto giant did not provide any further information on the action taken, saying that it “reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.”
The Solana-based stablecoins have also been removed from other exchanges including OKX and ByBit. At 3:00 am UTC, OKX ceased their deposits, while ByBit apparently disabled it soon after.
Market Reaction
SOL, the native token of the Solana blockchain, has been severely affected by the whole FTX saga, but due to the recent announcement of re-listing from Binance — the price has jumped 2.52% in the past 1 hour and currently sits at $13.50, at the time of writing.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Crypto Market Bloodbath: 3 Key Signs That Could Signal a Recovery
- XRP Chosen to Back first WeatherCoin Launch amid VivoPower and K-Weather Partnership
- Franklin Templeton Set for XRP ETF Launch This Month Following Fresh S-1 Filing
- Bitcoin, Ethereum Continue Slide as U.S. Government Shutdown Continues
- U.S. Sanctions North Korea’s Crypto Network Funding Nuclear Programs
- Whales Scoop 323,523 ETH Amid Price Dip – Is Ethereum Price Correction Setting Up a 10K Wave?
- How Solana, XRP, and Cardano Reacting as U.S. Shutdown Becomes Longest in History
- Dogecoin Price Risks 20% Crash as Death Cross Aligns With Falling DOGE ETF Inflows
- Will Bitcoin Price Recover When US Govt. Opens? On-chain Data Shows Recovery Might Take a While
- XRP Price Forecast as Price Nears a Death Cross Formation- Is a Crash Below $2 Inevitable?
- Why These Crypto Coins Are Soaring Today: DASH, ZEC, and ICP
