USDC and USDT Solana Deposits Suspended by a List of Crypto Exchanges

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USDC and USDT deposits for Solana (SOL) have been temporarily suspended, according to cryptocurrency exchanges Binance and OKX. The change follows Crypto.com’s recent suspension of USDC and USDT for Solana deposits and withdrawals. In support of its choice, Crypto.com cited recent developments in the crypto space. Following this news, the price of Solana has fallen significantly.

SOL has dropped by 75% over the past 4 hours. At press time, Solana is trading at $13.35, a decrease of 3.03% over the past 24 hours according to price analytics site CoinMarketCap.

SOL 24-Hour Chart on CoinMarketCap

Binance, Crypto.com, OKX, and Bybit on the List of Exchanges to Suspend Usdc and Usdt Solana Deposits

The world’s largest cryptocurrency exchange, Binance, recently announced that it was temporarily suspending USDC (SOL) and USDT (SOL) deposits. With this, Binance became the latest significant cryptocurrency exchange to halt Solana transactions. Along with Crypto.com, OKX and Bybit also disclosed the suspensions of USDC (SOL) and USDT (SOL) deposits.

FTX Promoters Sued in a Class Action Suit

In other news, former FTX CEO Sam Bankman-Fried, Tom Brady, Gisele Bundchen, Larry David, and a host of others have been named in a lawsuit as being part of a fraudulent ring responsible for fleecing investors who lost money in the FTX meltdown.

These four are named as defendants in the case along with other athletes and celebrities in a proposed class action lawsuit that was filed late Tuesday in federal court in Florida. All promoted FTX, one of the biggest cryptocurrency trading platforms, before it filed for bankruptcy on November 11; the company is currently being looked into for potential securities breaches.

The attorney leading the class action suit, Adam Moskowitz, reportedly said:

“It is still very difficult to comprehend that just one company defrauded more than $11 billion from consumers, all from our backyard here in Miami.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.