Crypto.com Suspends USDT and USDC Deposits & Withdrawals on Solana Blockchain

Breaking news for Crypto.com users: the platform has suspended deposits and withdrawals of USDT (Tether) and USDC (USD Coin) on the Solana blockchain, effective immediately. This decision impacts users who rely on the exchange for Solana-based stablecoin transactions.

Citing “recent industry events” in an email to users on Wednesday, Crypto.com explained the immediate suspension. Users are now unable to deposit or withdraw USDT and USDC stablecoins on the Solana network.

The announcement follows a period of market volatility, and it appears that following the downturn, Crypto.com has now suspended deposits and withdrawals of USDC and USDT on Solana. This measure is likely intended to protect the exchange and its users from potential risks associated with the current market conditions.

Crypto.com told its users that the pause is immediate.

In an email sent to users, the announcement details the sudden change. While the exchange hasn't explicitly detailed the reasons behind the suspension beyond referencing “recent industry events,” speculation points toward risk management strategies implemented in response to the evolving crypto landscape.

Further details are emerging. Notably, after crypto.com reprimanded withdrawals, the exchange announced it would relinquish recovery fees for deposits of USDC and USDT on the Solana network for two. This provides some relief for users who may have encountered issues prior to the suspension.

We will continue to update this story as more information becomes available. Stay tuned for updates on when USDT and USDC deposits and withdrawals on the Solana blockchain might resume on Crypto.com. Until then, users should adjust their strategies accordingly.