Binance, the world’s most used crypto exchange, has made a decision freeze USDT deposits in USDC on Solana. This decision comes shortly after OKX also decided to suspend the deposits of the stable 2coins.
Binance blocks USDT and USDC Solana deposits
The two stablecoins are USDT and USDC most traded present. According to CoinMarketCap, USDT has a daily trading volume of approximately $45,900,000,000. On the USDC side, the site shows a volume of $3,462,474,569 over 24 hours. The 2 stablecoins are also among the cryptos with the largest capitalization at the moment with 65,910,941,803$ for USDT and 44,402,137,350$ for USDC, again according to CoinMarketCap.
The fall on FTX prevailed Solan with it, the entire ecosystem will have suffered the consequences of the storm. So, a week ago, Crypto.com decided to freeze the deposits as well as withdraw the stable 2coins on Solana. However, the 2 cryptos are still available for deposit and withdrawal on other blockchains.
Then follow the clean and simple delisting of the 2 cryptos of the OKX platform. Today, it’s Binance’s turn to decide. The platform has therefore decided to completely freeze USDT and USDC deposits on Solana until further notice.
Panic on the platforms
There are users like that i inability to make deposits in USDT and USDC if these are from the Solana blockchain. CZ, the CEO of Binance, is considered one of the major players in recent events.
Recognized by the crypto community as influential, the manager of the world’s largest crypto exchange platform recently spoke out Twitterre asset security. He therefore warned many investors and traders, while recalling some basic advice regarding the security of cryptos.
If an exchange has to move large amounts of crypto before or after they reveal their wallet addresses, it’s a clear sign of problems. Stay out. Wait #SAFU. 🙏
— CZ 🔶 Binance (@cz_binance) November 13, 2022
It was not indicated that the situation returned to normal, and the possibility of delisting cannot be ruled out given the current situation and the decisions of other platforms. Considering recent events, CZ’s response is justified. Binance’s recent decision to freeze Solana’s USDT and USDC deposits therefore falls within the security criteria listed by CZ.
A drastic decision?
Binance has not, at this time, provided any information regarding the future of USDT and USDC Solana on its platform. On the OKX side, on the other hand, a very clear message explains that The 2 stables will no longer be available on its site. Here too, the drop of FTX brought by Solana is involved.
Binance, on the other hand, is happy, for now, with temporize the situation. In its press release, the platform reminds that it reserves the right to cancel this announcement at any time, or to reconsider its decision. However, Binance does not indicate that it may return to normal, or a pure and simple delisting of its trading platform.
Nothing is clear yet regarding the future of the 2 stablecoins on Solana. In the meantime, Binance reminds that the rest of the information related to the USDT and the USDC will be available on the social networks especially on Twitter and Telegram.
For more news about FTX matters and the consequences of the token drop, you can consult the following article: Coinhouse suspends its Crypto Passbooks – The FTX domino effect