SOL Price Plunges After Multiple CEXs Delist USDT, USDC On Solana

The price of SOL, the native currency of the blockchain platform Solana, nosedived after cryptocurrency exchange platforms Binance, OKX, Bybit and BitMex delisted USDC and USDT on Solana.

The price of the crypto asset SOL continues to plummet amid the FTX crisis, crashing 6.7% at $13.08 after various CEXs made their respective announcements about the Solana-based stablecoins. This is a massive plunge of 64.7% on the crypto asset's price of $37.09 on Nov. 6, before the unraveling of SBF and FTX.

Retail investors are now wondering if major crypto exchange platforms are scrubbing the Solana stablecoins. On Thursday, Binance, the world's largest CEX, announced that deposits for the tokens USDC and USDT had been "temporarily suspended until further notice."

The platform did not offer any explanation for the major move and later resumed processing deposits for USDT following an "internal assessment and review." It, however, did not say anything or provide any update about USDC.

"Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice," the platform said in its latest blog. In the same vein, OKX, the Seychelles-based cryptocurrency exchange and derivatives exchange, said it was delisting USDC and USDT on Thursday.

The delisting includes the suspension of deposits and withdrawals to these Solana-based tokens. The same was announced by ByBit as it halted deposits and withdrawals for USDC and USDT.

BitMex also paused USDT deposits and announced this on Twitter on Thursday. "Please note that any deposits of USDT on Solana Network (SOL) have been temporarily suspended until further notice. Thanks for your understanding," the tweet read.

With the exchanges offering little to no explanation for their delisting, retail investors turned to speculation, which they enjoy exchanging on Twitter. Some say that the latest move related to Solana-based USDC and USDT may be connected to the FTX debacle, which has hit major industry players like BlockFi and Genesis.

SOL was trading down 5.02% at $13.55 with a 24-hour volume of $658,842,825 as of 4:45 a.m. ET on Friday, according to the latest data from CoinMarketCap.