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Gungun Bhatia
Nov 18, 2022
by Gungun Bhatia

Binance, OKX, and Bybit Halt USDT and USDC Deposits on Solana

USDT USDC Solana

Table of contents

  1. OKX and ByBit Removed Deposits
  2. Bans on USDT and USDC
After FTX's failure, many cryptocurrency exchanges have continued to take action, most recently by stopping deposits in Solana-based Tether (USDT) and USD Coin (USDC). On November 17, Binance declared that USDT and USDC deposits have been temporarily halted on the Solana network until further notification. Due to the USDT and USDC stablecoins' continued availability for deposit through other blockchains, the exchange alluded to the tokens as "USDT (SOL)" and "USDC (SOL)".

OKX and ByBit Removed Deposits

Binance did not disclose any other details on the move, just that it retains the right in its absolute discretion to revise or modify or revoke this statement at any moment and for any circumstances without advance notification. Later, the company began accepting deposits for Solana-USDT.

Solana-based stablecoins for deposits have also been removed from other exchanges, including OKX and ByBit. On November 17, UTC, OKX ceased their USDT and USDC deposits, while ByBit blocked similar deposits on its Solana Network as of the same day.

Bans on USDT and USDC

The bans of Solana-based USDT and USDC have caused more unfortunate news for SOL, with the coin falling 7% in response to the most recent information. According to CoinGecko, SOL is now trading at $13.1, down almost 60% over the previous 30 days. This information was released after Binance announced plans to stop allowing USDC to be traded on its platform.

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Binance, OKX, and Bybit Halt USDT and USDC Deposits on Solana
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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