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

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.

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. For example, Binance only released an official statement claiming that the measure will be temporary, but it could have harmful implications for the SOL ecosystem.

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