Binance and different prime crypto exchanges halted stablecoin deposits from the Solana (SOL) blockchain. The businesses launched an official assertion claiming that the measure shall be momentary, but it surely might 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 current occasion surrounding FTX and the contagion impacting the crypto trade.
SOL’s value tendencies to the draw back on the each day chart. Supply: SOLUSDT Tradingview
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 clarify their resolution to the customers.
For instance, Binance posted the next message through its social networks and its official web site:
Fellow Binancians, Deposits of USDC (SOL) and USDT (SOL) have been quickly suspended till additional discover. Thanks in 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 absolutely delisting the digital belongings. Just like Binance, the change saved its reasoning at the hours of darkness.
Throughout social media, customers have been speculating concerning the causes for this resolution by crypto exchanges. Some consider the delisting is motivated by the collapse of FTX and its former CEO and founder Sam Bankman-Fried.
The previous FTX government was a well known Solana bull. The collapse of FTX may create unexpected penalties throughout crypto corporations, initiatives, and crypto ecosystems. The market believes current occasions might negatively impression SOL.
Bankman-Fried and different FTX traders had been thought to have collected hundreds of thousands of {dollars} in SOL. The corporate is in the course of its chapter course of. Due to this fact, there are expectations that the Chapter courtroom may order the liquidation of any funds in Solana or different cryptocurrencies on this proceedings.
I’ll purchase as a lot SOL has you will 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 value might face large promoting stress. Something FTX-backed or linked to the failed crypto change appears prone to following its path.
