Just In: Crypto.com Suspends These Withdrawals, Deposits On Solana Chain

Crypto.com withdrawals, deposits news updates: Citing recent industry events, crypto.com informed customers it suspended deposits and withdrawals of USDC/USD and USDT/USD on Solana SOL/USD blockchain. The move comes after the market went through a crypto crash following Binance BNB/USD announced potential acquisition of FTX exchange. The development came into effect as crypto.com informed about it it in a statement. However, the USDC and USDT withdrawals would be supported on other supported networks, it said.

Meanwhile, the exchange said it was waving off retrieval fees for depositing USDC and USDT on the Solana network for two weeks.

Crypto.com FTX Exposure 'Immaterial'

Earlier, Kris Marszalek, CEO of crypto.com, called it a sad day for the crypto industry after Binance said it could acquire FTX to help it cover the liquidity crunch. He said the exchange has very little exposure to the FTX meltdown. Direct exposure of crypto.com is less than $10 million, he said, saying it is very little compared with its revenues. Marszalek said crypto.com will push for increased transparency and regulation of the industry. Other major crypto exchanges Coinbase, OKX and stablecoin USDC issuer Circle said they do not have any material exposure to FTX.

"Our direct exposure to FTX meltdown is immaterial: less than $10m in our own capital deposited there for customers' trade execution. That's very little compared to our global revenues surpassing US$1 billion for two consecutive years."

The Crypto Crash

Meanwhile, the crypto crash that began after the FTX acquisition announcement is continuing to have devastating effects on the market. In a latest update, Binance CEO CZ said the crypto price decline and the FTX deal would have negative effects on crypto market in the long run. He said the FTX collapse is not good for anyone in the crypto industry. Customer confidence in the crypto industry is severely shaken with the FTX meltdown, he added.

Anatoly Yakovenko, cofounder of Solana, said Solana Labs did not have assets on FTX and therefore has lot of runway.

Solana Labs, a US corp, didn't have any assets on https://t.co/nL7jEmgrVT, so we still have tons of runway, and luckily still a small team.— toly � (@aeyakovenko) November 9, 2022

On the other side, the Solana (SOL) price has been severely affected by the FTX situation as Alamada Research invested in the blockchain project. Over the last few days, the Solana price fell nearly 50%. As of writing, Solana (SOL) price stands at $17.21, down around 37% in the last 24 hours, according to price tracking platform CoinMarketCap.