23 April, 2024



Justin Sun’s Poloniex Suspends Support For Stablecoins, Suggests ERC20 and TRC20 Networks

25 Nov, 2022

22 Nov, 2023

Crypto Exchange Poloniex has announced that it will suspend support for stablecoins on the BSC network from November 24 onwards. According to a recent announcement, Justin Sun’s cryptocurrency exchange has discontinued the BEP20(BSC) network deposit and withdrawal function for USDT, USDC, TUSD, and BUSD stablecoins.

However, the deposit and withdrawal functions for other BSC-based tokens will remain operational, and the exchange will continue to provide equivalent multichain solutions for stablecoins across the ERC20 and TRC20 networks.

Poloniex, the cryptocurrency exchange, did not elaborate on why it abruptly suspended services for BSC stablecoins.

Furthermore, the exchange’s terms of use state explicitly that it “reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.”

Besides that, Justin Sun has also hinted at a potential partnership with Binance in a recent tweet.

“I fully support BNBCHAIN ecosystem and BUSD. Actually, we will have a big partnership announcing soon.” he tweeted.

Sun also recently stated that Tron, Huobi Global, and Poloniex would support Binance’s initiative to establish an industry recovery fund to aid in the rebuilding of the industry.

Poloniex, founded in January 2014, is a global cryptocurrency exchange that offers spot and futures trading as well as leveraged tokens. The exchange recently announced plans for a full audit to share proof-of-reserves with the community. This will increase transparency in the industry, as Binance has done.

Sun acquired the Poloniex exchange from Circle in 2019. WUBlockchain reports that Poloniex will merge with his recently acquired Huobi exchange, citing sources familiar with the matter. Poloniex’s daily spot trading volume is only one-tenth that of Huobi, according to Coingecko.

Sun also revealed that his associates were considering purchasing assets from Sam Bankman-defunct Fried’s FTX empire.

“We are open to any kind of deal. I think all the options [are] on the table,” Mr. Sun told reporters in Singapore Tuesday. “Right now we are evaluating assets one by one, but as far as I understand the process is going to be long since they are already in this kind of bankruptcy procedure.”

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