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HomeAltcoinsBinance Temporarily Suspends Deposits Of Stablecoins USDC And USDT

Binance Temporarily Suspends Deposits Of Stablecoins USDC And USDT

On November 17, Binance made a public announcement that it will temporarily pause, “until further notice,” deposits of the stablecoins USDC and USDT that are stored on the Solana blockchain. Since then, it has resumed accepting deposits in USDT on Solana.

Stablecoins that are linked to the value of the US dollar are referred to as USDT and USDC. These coins may be found on a wide number of blockchains, including Solana and Ethereum, and were developed and are administered by the businesses Tether and Circle.

Binance’s Announcement:

 

Binance did not provide any justification or clarification for the choice that was made. It is not the first cryptocurrency exchange to suspend withdrawals of the two stablecoins that have the majority of market share on the Solana blockchain.

The competing exchange OKX said earlier this week that it would be eliminating the two versions of the stablecoins that are built on the Solana blockchain and that customers will not be able to deposit or withdraw the relevant tokens in the future as a result of this move.

The announcement that deposits and withdrawals in USDT and USDC have been halted on the Solana network was made by Crypto.com in an email that was received by Decrypt last week. The company cited “recent industry developments” as the reason for the suspension.

It is essential to keep in mind that these choices will only have an effect on customers who choose to use the stablecoins via the Solana network. Users that choose to withdraw their funds via networks like Ethereum, Algorand, or Polygon, for example, will not be impacted by this change.

OKX and Crypto.com, like Binance, did not present a detailed justification for their judgments, which is also the case with OKX. The co-founder and CEO of Circle, who also founded the company, expressed bewilderment over the decision in a tweet. Jeremy Allaire says, “USDC on Solana is issued locally by Circle and is working great.” 

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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