Binance resumed deposits of stablecoin Tether on Friday, a day after an unexplained pause. But a pause in deposits of stablecoin USD Coin is still in place until further notice. The latest moves also came without any further detail, despite prices for both coins remaining steady. Loading Something is loading.
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Binance resumed deposits of stablecoin Tether on Friday but left USD Coin on pause, according to a company announcement.
That came a day after halting deposits of both coins without explanation, and the latest announcement also didn’t provide a reason for the move. Binance did not immediately respond to Insider’s request for comment.
“After internal assessment and review, Binance has now resumed deposits for USDT (SOL),” the world’s largest cryptocurrency exchange said in an update.
Adding to the mystery is that prices for Tether and USD Coin have remained relatively steady over the past seven days despite the turmoil in the broader crypto market that was unleashed by FTX’s collapse.
Tether, which is the third largest cryptocurrency and the world’s largest stablecoin, briefly lost its dollar peg last Thursday, falling to a low of $0.98 before recovering most of those losses.
The lack of clarity as to why Binance stopped customer deposits of two top stablecoins comes as the fall of FTX, which is reportedly being investigated for possible mishandling of customer funds, has raised calls for crypto exchanges to provide proof of reserves.
Last week, Binance CEO Changpeng Zhao said his exchange would soon provide a proof of reserves, though some analysts have doubted that such disclosures would be sufficient to prevent another FTX-style crash.