Binance suspended trading for an altcoin that fell more than 50% after the FTX crash today. While similar decisions are coming from almost all centralized exchanges, Binance is now taking a new step.
Binance is restarting these altcoin transactions
The leading exchange reactivated its transactions with USDT (SOL) shortly after taking the delist decision. According to the new announcement, it has resumed accepting deposits after previously suspending SOL USDC and USDT deposits. Solana tested $12.45 on November 17 after Binance announced that deposits of USD Coin (USDC) and Tether (USDT) on the Solana network were “temporarily suspended until further notice.” Cryptokoin.com details we have covered in this article.
Binance is changing direction
Binance has made a comeback from its delist decision in its new announcement. The exchange will now allow deposits for the USDT (SOL) token. The reason for this change is an “internal review and review” by the Binance team that led to the USDT token being relisted on Solana. Meanwhile, Alameda Research, the now-bankrupt FTX-linked company, was one of the biggest Solana depositors. Former CEO Sam Bankman-Fried introduced Solana as an Ethereum killer.
Major centralized exchanges delist USDC and USDT (SOL)
On November 17, Binance announced the “temporary suspension” of USDT and USDC deposits from Solana. The leading exchange did not share details about its decision. “The right to cancel is reserved,” he explained.
Other exchanges like OKX and ByBit are also delisting Solana-based stablecoins. OKX stopped depositing at 3 am UTC. ByBit reportedly disabled this shortly after.
The FTX crisis had a drastic effect on the SOL. However, the price has rallied in the past hour as Binance recently announced that SOL will be relisted. It is currently trading above $13.50.
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