The largest cryptocurrencies by volume Binance and OKX are halting transactions for an altcoin that has reached historic lows following the FTX bankruptcy. Shortly after the news, the price drop reached over 5%.
Binance suspends trading for this altcoin
Cryptocurrency exchanges Binance and OKX announced that they are suspending USDC (SOL) and USDT (SOL) transactions. The announcement from the exchanges followed Crypto.com, which recently made a similar decision. Meanwhile, the Solana price is falling rapidly. The FTX-linked altcoin has lost more than 5% on the day. It melted over 50% in just seven days, with its stock exchange going bankrupt.
Binance, which played a role in the bankruptcy of FTX, announced on November 17 that Solana-based USDT and USDC deposits were “temporarily” suspended:
Binance did not provide further information about the measure. The announcement said it “reserves the right, at its sole discretion, to modify or cancel this announcement at any time and for any reason without prior notice.”
Other exchanges, including Crypto.com and ByBit, are also delisting Solana-based stablecoins. OKX suspended token deposits on November 17 at 04:00. ByBit has reportedly disabled such deposits as of November 17.
Changpeng Zhao shared interesting details about FTX
Binance CEO claimed that the FTX data made the misuse of user funds on the exchange quite obvious. He also stated that it is very clear that Sam Bankman-Fried is using FTX trading funds for Alameda Research. He probably did this to CZ recently, and people were aware of it. When asked about the FTX token status, CZ explained that Binance does not use BNB as collateral. One of the altcoins that came under fire with the bankruptcy of FTX was Solana.
Why does the left fall?
Solana (SOL) has been heavily hit over the past two weeks due to its connections to the exchange’s Blockchain network. The cryptocurrency witnessed severe selling pressure following the spread related to the FTX collapse. The main reason for this was speculation that Alameda was considering selling its SOL holdings.
The latest Solana-USDT and Solana-USDC suspensions on exchanges have triggered even more red for Solana. At the time of this writing, SOL is trading at $13, down nearly 60% over the past 30 days, according to CoinGecko. This news comes just after Binance announced that it plans to remove USDC from its platform.
cryptocoin.comAs you follow, the bankruptcy of FTX has a knock-on effect on affiliated companies. Cryptocurrency exchange Genesis, which cooperates with Gemini, has suspended all withdrawals.
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