Binance and OKX Suspend Support for USDC and USDT on Solana, Then Reverse Their Decision

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Last Updated on November 18, 2022 by Bitfinsider

The exchanges revealed in separate blog posts on Thursday that they have halted service for the Solana blockchain implementations of the two main stablecoins, Circle’s USDC and Tether’s USDT.

While Binance has temporarily halted deposits of USDC and USDT on Solana till further notice, OKX has gone a step further by announcing that the tokens would be delisted as of Thursday at 3:00 UTC.
Binance has resumed USDT deposits on Solana, the exchange announced in a blog post. Later, OKX revised its notice to state that it had ceased support for the two tokens as opposed to delisting them.

Binance and OKX did not reply calls for comment at press time.
Solana is one of the largest blockchains, and its intimate ties to the defunct crypto empire of Sam Bankman-FriedFTX and Alameda Research were major investors – appear to have a negative impact on the project and its ecosystem.

The exchanges’ failure to provide an explanation for the action caused confusion in the cryptocurrency market.

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