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US English withdrawals freeze: UDSC, USDT moves via Solana suspended

By Alara Jordan

Edited by Charlie Mellor

16:26, 10 November 2022

A smartphone displays the name and logo
The company said the decision was made in reference to “recent industry events” – Photo: Shutterstock has suspended the withdrawals of its two popular stablecoins, USDC and USDT, on the Solana (SOL) blockchain of its exchange. 

In an email sent to its users, said that customers can still withdraw USDC and USDT “at any time using other supported networks, including Cronos and Ethereum”.

The withdrawal took place immediately as a response to “recent industry events”. 


The company’s CEO and founder Kris Marszalek tweeted to confirm the decision, stating that it would not impact the other stablecoin deposits on the exchange.

“FTX was an important bridge/venue for SOL-based stablecoins, we do not want any additional risk to our users coming from this area, hence disabling it,” Marszalek said.


0.00 Price
-12.810% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.00000338


0.62 Price
-1.830% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


2,203.62 Price
-1.480% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00


0.32 Price
-3.510% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.0090

Proof of reserves

The suspension comes at the same time as when Marszalek confirmed that the decision to share company proof of reserves should be “necessary” for crypto platforms.

The idea of transparency and sharing a company’s state of reserves was initially pledged by Binance CEO Changpeng ‘CZ’ Zhao in a bid to build consumer trust and disclose company liquidity amid the ongoing fiasco around the fallout of the FTX cryptocurrency exchange. 

Marszalek said: “ will be publishing our audited proof of reserves.

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“This is a critical moment for the entire industry. Transparency is more important than ever, and safety and security of users and funds remains the priority. It requires full and collective commitment.”

Solana price

Solana’s price has dropped 59% from a high of $31.06 on 8 November to a low of $12.51 just 24 hours later.

At the time of writing, SOL was trading at $18.60, up 6.29% in the last 24 hours. 

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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