Crypto Exchanges Binance and OKX Suspend Support for Solana Versions of USDT, USDC Stablecoins
Binance and OKX suspended support for the Solana blockchain versions of the two largest stablecoins – Circle’s USDC and Tether’s USDT – the exchanges announced separately in blog posts on Thursday.
While Binance said it temporarily suspended deposits of USDC and USDT on Solana until further notice, OKX went further saying it was delisting the tokens effective Nov. 17 at 3:00 UTC.
Solana is one the largest blockchains, and its close ties to the imploded crypto empire of Sam Bankman-Fried – FTX and Alameda Research have been key investors – appears to be weighing heavily on the project and its ecosystem.
Read more: Solana Foundation Invested in FTX, Held Millions in Sam Bankman-Fried-Linked Cryptos on Exchange
The exchanges did not explain the reasons behind the move, which created confusion in the crypto industry.
Jeremy Allaire, CEO of USDC issuer Circle, tweeted that USDC on Solana – which is natively issued by Circle – is functioning fine. “[It’s] not clear what the motivations are for exchange actions, which are disappointing.”
USDC on Solana is natively issued by Circle and is functioning fine. Not clear what the motivations are for exchange actions, which are disappointing.— Jeremy Allaire (@jerallaire) November 17, 2022
Last week, crypto exchange Crypto.com decided to halt deposits and withdrawals of the Solana versions of USDC and USDT, citing “recent industry events.