The 25-year-old actor, who plays Tommy Duckworth, has said he is "deeply ashamed" of the lyrics in his raps and has issued an apology.
It has emerged that Chris is the man behind controversial masked performer The Phantom. In a series of online videos posted on YouTube, which have since been removed, the star delivers expletive-laden lyrics with themes of violence and rape.
In a statement, Chris — a former contestant on Dancing on Ice — said, "I would like to sincerely apologise for any offence I have caused. I am deeply ashamed by the lyrics and very much regret my behaviour.
"The videos were made over a year ago when I was experimenting with music and I've not done anything like it since, and nor will I."
A Coronation Street spokeswoman said, "ITV find both the language used and the view expressed in this video totally unacceptable.
"Chris Fountain has been suspended pending further inquiries into this matter."