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Binance and different prime crypto exchanges halted stablecoin deposits from the Solana (SOL) blockchain. The businesses launched an official statement claiming that the measure will likely be momentary, however it may have dangerous implications for the SOL ecosystem.
Solana (SOL) trades at $13.5, with a 5% loss within the final 24 hours and a 3% loss within the earlier week. The cryptocurrency is recording important losses throughout all timeframes because of the latest occasion surrounding FTX and the contagion impacting the crypto business.
Binance Halts Operations With Solana, Is This Blockchain In Hazard?
Binance, OKX, Bybit, and different prime crypto exchanges took an analogous measure. The platforms suspended operations with stablecoins USDC and USDT on Solana however failed to elucidate their choice to the customers.
For instance, Binance posted the next message by way of its social networks and its official web site:
Fellow Binancians, Deposits of USDC (SOL) and USDT (SOL) have been briefly suspended till additional discover. Thanks on your assist!
The crypto buying and selling venue didn’t specify when they are going to resume stablecoin operations with Solana. OKX took a stricter measure by totally delisting the digital property. Just like Binance, the alternate stored its reasoning at the hours of darkness.
Throughout social media, customers have been speculating in regards to the causes for this choice by crypto exchanges. Some imagine the delisting is motivated by the collapse of FTX and its former CEO and founder Sam Bankman-Fried.
The previous FTX govt was a widely known Solana bull. The collapse of FTX would possibly create unexpected penalties throughout crypto firms, initiatives, and crypto ecosystems. The market believes latest occasions may negatively affect SOL.
Bankman-Fried and different FTX buyers had been thought to have accrued tens of millions of {dollars} in SOL. The corporate is in the midst of its chapter course of. Due to this fact, there are expectations that the Chapter courtroom would possibly order the liquidation of any funds in Solana or different cryptocurrencies on this proceedings.
I’ll purchase as a lot SOL has you may have, proper now, at $3.
Promote me all you need.
Then go fuck off.
— SBF (@SBF_FTX) January 9, 2021
If that’s the case, SOL’s worth may face large promoting stress. Something FTX-backed or linked to the failed crypto alternate appears prone to following its path.
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