{"id":508979,"date":"2022-11-17T19:52:54","date_gmt":"2022-11-17T19:52:54","guid":{"rendered":"https:\/\/wncen.com\/?p=508979"},"modified":"2022-11-17T19:52:54","modified_gmt":"2022-11-17T19:52:54","slug":"why-binance-and-top-crypto-exchanges-halt-transactions-with-solana-stablecoins","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-binance-and-top-crypto-exchanges-halt-transactions-with-solana-stablecoins\/","title":{"rendered":"Why Binance And Top Crypto Exchanges Halt Transactions With Solana Stablecoins"},"content":{"rendered":"

Binance and other top crypto exchanges halted stablecoin deposits from the Solana (SOL) blockchain. The companies released an official statement<\/a> claiming that the measure will be temporary, but it could have harmful implications for the SOL ecosystem.\u00a0<\/span><\/strong><\/p>\n

Related Reading: Bitcoin Reserve On Binance Sharply Rises, Whales Preparing For More Dumping?<\/a><\/div>\n

Solana (SOL) trades at $13.5, with a 5% loss in the last 24 hours and a 3% loss in the previous week. The cryptocurrency is recording significant losses across all timeframes due to the recent event surrounding FTX and the contagion impacting the crypto industry.\u00a0<\/span><\/p>\n

\"Solana
SOL’s price trends to the downside on the daily chart. Source: SOLUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Binance Halts Operations With Solana, Is This Blockchain In Danger?<\/h2>\n

Binance, OKX, Bybit, and other top crypto exchanges took a similar measure. The platforms suspended operations with stablecoins USDC and USDT on Solana but failed to explain their decision to the users.\u00a0<\/span><\/p>\n

For example, Binance posted the following message via its social networks and its official website:<\/span><\/p>\n

Fellow Binancians, Deposits of USDC (SOL) and USDT (SOL) have been temporarily suspended until further notice. Thanks for your support!<\/p><\/blockquote>\n

The crypto trading venue didn\u2019t specify when they will resume stablecoin operations with Solana. OKX took a stricter measure by fully delisting the digital assets. Similar to Binance, the exchange kept its reasoning in the dark.\u00a0<\/span><\/p>\n

Across social media, users have been speculating about the reasons for this decision by crypto exchanges. Some believe the delisting is motivated by the collapse of FTX and its former CEO and founder Sam Bankman-Fried.\u00a0<\/span><\/p>\n

The former FTX executive was a well-known Solana bull. The collapse of FTX might create unforeseen consequences across crypto companies, projects, and crypto ecosystems. The market believes recent events could negatively impact SOL.\u00a0<\/span><\/p>\n

Bankman-Fried and other FTX investors were thought to have accumulated millions of dollars in SOL. The company is in the middle of its bankruptcy process. Therefore, there are expectations that the Bankruptcy court might order the liquidation of any funds in Solana or other cryptocurrencies in this proceedings.\u00a0<\/span><\/p>\n

\n

I’ll buy as much SOL has you have, right now, at $3.<\/p>\n

Sell me all you want.<\/p>\n

Then go fuck off.<\/p>\n

\u2014 SBF (@SBF_FTX) January 9, 2021<\/a>\u00a0<\/span><\/p><\/blockquote>\n

Related Reading: Bitcoin Long-Term Holders Face Major Financial Stress<\/a><\/div>\n

If so, SOL\u2019s price could face massive selling pressure. Anything FTX-backed or linked to the failed crypto exchange seems at risk of following its path.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Binance and other top crypto exchanges halted stablecoin deposits from the Solana (SOL) blockchain. The companies released an official statement claiming that the measure will be temporary, but it could have harmful implications for the SOL ecosystem.\u00a0 Related Reading: Bitcoin Reserve On Binance Sharply Rises, Whales Preparing For More Dumping? Solana (SOL) trades at $13.5, with a 5% loss in the last 24 hours and a 3% loss in the previous week. The cryptocurrency is recording significant losses across all timeframes due to the recent event surrounding FTX and the contagion impacting the crypto industry.\u00a0 Binance Halts Operations With Solana, Is This Blockchain In Danger? Binance, OKX, Bybit, and other top crypto exchanges took a similar measure. The platforms suspended operations with stablecoins USDC and USDT on Solana but failed to explain their decision to the users.\u00a0 For example, Binance posted the following message via its social networks and its official website: Fellow Binancians, Deposits of USDC (SOL) and USDT (SOL) have been temporarily suspended until further notice. Thanks for your support! The crypto trading venue didn\u2019t specify when they will resume stablecoin operations with Solana. OKX took a stricter measure by fully delisting the digital assets. Similar to Binance, the exchange kept its reasoning in the dark.\u00a0 Across social media, users have been speculating about the reasons for this decision by crypto exchanges. Some believe the delisting is motivated by the collapse of FTX and its former CEO and founder Sam Bankman-Fried.\u00a0 The former FTX executive was a well-known Solana bull. The collapse of FTX might create unforeseen consequences across crypto companies, projects, and crypto ecosystems. The market believes recent events could negatively impact SOL.\u00a0 Bankman-Fried and other FTX investors were thought to have accumulated millions of dollars in SOL. The company is in the middle of its bankruptcy process. Therefore, there are expectations that the Bankruptcy court might order the liquidation of any funds in Solana or other cryptocurrencies in this proceedings.\u00a0 I’ll buy as much SOL has you have, right now, at $3. Sell me all you want. Then go fuck off. \u2014 SBF (@SBF_FTX) January 9, 2021\u00a0 Related Reading: Bitcoin Long-Term Holders Face Major Financial Stress If so, SOL\u2019s price could face massive selling pressure. Anything FTX-backed or linked to the failed crypto exchange seems at risk of following its path.\u00a0<\/p>\n","protected":false},"author":535,"featured_media":467045,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,79611,12837,83626,83627],"class_list":["post-508979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bnbusdt","tag-sol","tag-solana","tag-solusdt"],"acf":[],"yoast_head":"\nWhy Binance Halted Transactions With Solana Stablecoins<\/title>\n<meta name=\"description\" content=\"Binance and other top crypto exchanges halted stablecoin deposits from the Solana (SOL) blockchain without explanation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Binance And Top Crypto Exchanges Halt Transactions With Solana Stablecoins","url":"http:\/\/wncen.com\/news\/why-binance-and-top-crypto-exchanges-halt-transactions-with-solana-stablecoins\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-binance-and-top-crypto-exchanges-halt-transactions-with-solana-stablecoins\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/download-1.jpg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/download-1.jpg?fit=300%2C168"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bnbusdt","sol","solana","solusdt"],"dateCreated":"2022-11-17T19:52:54Z","datePublished":"2022-11-17T19:52:54Z","dateModified":"2022-11-17T19:52:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Binance And Top Crypto Exchanges Halt Transactions With Solana Stablecoins\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-binance-and-top-crypto-exchanges-halt-transactions-with-solana-stablecoins\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-binance-and-top-crypto-exchanges-halt-transactions-with-solana-stablecoins\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/download-1.jpg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/download-1.jpg?fit=300%2C168\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bnbusdt\",\"sol\",\"solana\",\"solusdt\"],\"dateCreated\":\"2022-11-17T19:52:54Z\",\"datePublished\":\"2022-11-17T19:52:54Z\",\"dateModified\":\"2022-11-17T19:52:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/download-1.jpg?fit=300%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/508979"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=508979"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/508979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/467045"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=508979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=508979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=508979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}