Binance Reopens USDC Deposit Service On Solana Chain

After abruptly halting USDC and USDT deposits on the Solana chain with “no explanation,” Binance has reportedly reopened the service following an internal review and review.

Per the official announcement, Binance has announced that it has reopened its USDC (SOL) deposit service after an internal review and review.

Earlier on November 17th, it suspended the USDC and USDT deposit business on Solana chain until further notice, adding that they have the right to modify or change them in their sole discretion or cancel this notice at any time and for any reason without prior notice.

Cryptocurrency SOLANA has dropped nearly 5% in day trading and the rate of decline is accelerating after crypto exchanges Binance and OKX announced the temporary suspension of USDC (SOL) and USDT (SOL) deposits.

According to the on-chain data, the supply of Solana-USDC is 62% bigger than the supply of Solana-USDT. The total amount of USDC circulating on Solana amounts to 5 billion USDC ($5 billion), or 11% of the token’s total market capitalization.

The move comes after USDC and USDT were recently suspended for Solana deposits and withdrawals by crypto.com. Crypto.com cited recent industry events for this decision.

Receiving positive news, SOL has gained more than 15% in 24 hours, currently trading at $13.11.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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