{"id":14405,"date":"2022-11-10T11:23:07","date_gmt":"2022-11-10T11:23:07","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-com-halts-withdrawals-of-usdc-and-usdt-on-solana\/"},"modified":"2022-11-10T11:23:07","modified_gmt":"2022-11-10T11:23:07","slug":"crypto-com-halts-withdrawals-of-usdc-and-usdt-on-solana","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-com-halts-withdrawals-of-usdc-and-usdt-on-solana\/","title":{"rendered":"Crypto.com halts withdrawals of USDC and USDT on Solana"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1666291978304-9b2ecdb5-e462-4ac2-b453-cd838a02aaef-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1666291978304-9b2ecdb5-e462-4ac2-b453-cd838a02aaef-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1666291978304-9b2ecdb5-e462-4ac2-b453-cd838a02aaef-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2017\/06\/1666291978304-9b2ecdb5-e462-4ac2-b453-cd838a02aaef-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<p dir=\"ltr\"><strong>Crypto.com has notified its users that all deposits and withdrawals for <a href=\"https:\/\/coinjournal.net\/tether\/\" rel=\"noopener noreferrer\" target=\"_blank\"><u>Tether\u2019s<\/u><\/a> USDT and Circle\u2019s USDC have been suspended on the Solana network.<\/strong><\/p>\n<p dir=\"ltr\">Leading crypto exchange Crypto.com notified its customers via email a few hours ago that it had paused deposits and withdrawals for USDT and USDC stablecoins on the Solana network.<\/p>\n<p dir=\"ltr\">Crypto.com told its users that the pause is immediate. Hence, its users can no longer deposit and withdraw USDT and USDC stablecoins on the Solana network.<\/p>\n<p dir=\"ltr\">However, Crypto.com didn\u2019t provide any explanation regarding why it is suspending those transfers. The move shouldn\u2019t cause a problem for users as the USDC and USDT stablecoins exist on a wide range of other blockchains, including Ethereum, Polygon, BNBChain, and Tron. Crypto.com wrote;<\/p>\n<p dir=\"ltr\"><em>\u201cFollowing recent industry events, please be informed that we have suspended deposits and withdrawals of USDC and USDT on the Solana blockchain in the Crypto.com App and Exchange. This is effective immediately. However, you may withdraw USDC and USDT at any time using other supported networks, including Cronos and Ethereum. Please note that retrieval fees for depositing USDC and USDT on the Solana network in the Crypto.com App and Exchange will be waived for two weeks, starting from today.\u201d<\/em><\/p>\n<p dir=\"ltr\">Crypto.com is adding to the market chaos caused by FTX\u2019s ongoing struggles. Crypto exchange FTX had to pause withdrawals on its platform as it struggled to complete liquidity orders.<\/p>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/exchanges\/binance\/\" rel=\"noopener noreferrer\" target=\"_blank\"><u>Binance<\/u><\/a> initially agreed to acquire FTX and take on its numerous liabilities but revealed a few hours ago that it would no longer go through with the deal. According to Binance, FTX\u2019s situation is beyond where Binance can help at the moment.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Our direct exposure to FTX meltdown is immaterial: less than $10m in our own capital deposited there for customers\u2019 trade execution. <\/p>\n<p>That\u2019s very little compared to our global revenues surpassing US$1 billion for two consecutive years.<\/p>\n<p>\u2014 Kris | Crypto.com (@kris) <a href=\"https:\/\/twitter.com\/kris\/status\/1590155370198339586?ref_src=twsrc%5Etfw\">November 9, 2022<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">Crypto.com is one of the companies affected by FTX\u2019s recent struggle. However, Crypto.com\u2019s CEO Kris Marszalek said the firm\u2019s direct exposure to the FTX meltdown is immaterial since it has less than $10 million of its own capital deposit on the FTX platform for customers\u2019 trade execution.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/crypto-com-pauses-withdrawals-of-usdc-and-usdt-withdrawals-on-the-solana-network\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Crypto.com has notified its users that all deposits and withdrawals for Tether\u2019s USDT and Circle\u2019s USDC have been suspended on the Solana network. Leading crypto exchange Crypto.com notified its customers via email a few hours ago that it had paused deposits and withdrawals [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":14406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/14405"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=14405"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/14405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/14406"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=14405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=14405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=14405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}