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Confusion Abounds As Binance and OKX Suspend Support for USDC, USDT on Solana, Then Backpedal
Binance subsequently resumed deposits for Tether's USDT on Solana, while OKX reworded an original statement saying it delisted the tokens.
Updated Nov 17, 2022, 6:15 p.m. Published Nov 17, 2022, 3:35 p.m.
Updated at 17:50 UTC: OKX updated its announcement saying it halted support instead of delisting the tokens. Changed headline to reflect recent updates.
Updated at 15:58 UTC: Binance has resumed deposits for USDT, according to a new blog post.
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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 Thursday at 3:00 UTC.
Binance has since resumed deposits for USDT on Solana, the exchange said in a new blog post. Later, OKX updated its announcement with a slightly changed wording, saying that it halted support for the two tokens instead of delisting them.
Binance and OKX did not return requests for comment at press time.
Solana is one the largest blockchains, and its close ties to the imploded crypto empire of Sam Bankman-Fried – FTX and Alameda Research were 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 didn't 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."
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