Poloniex exchange has stopped deposits and withdrawals of stablecoins that run on BEP20, according to this report
According to a tweet published by Chinese crypto journalist and blogger Colin Wu, Poloniex exchange owned by Tron founder and former CEO Justin Sun has started trading in stable coins running on BNB Chain (also known as Binance Smart Chain, BSC). Deposits and withdrawals have stopped.
Is Sun rivaling CZ of Binance?
These stablecoins are USDT, USDC, TUSD and Binance’s native BUSD. Rather than using BEP20 (token standard on BNB Chain), Sun suggested using the ERC20 and TRC20 networks, according to the tweet, where a link to a blog post by Poloniex customer support was attached.
No specific reason was given for the removal of these stable coins on the BNB chain.
Several years ago, when Justin Sun still officially ran the Tron Foundation and did not own Poloniex or Huobi, Sun and Changpeng Zhao (CZ), the co-founder and chief of Binance, made various projects in collaboration and seemed to be on friendly terms with each other.
In 2019, Sun bought Poloniex from Circle and later, in early October this year, bought a 100% stake in Huobi Global from its founder, Leon Li.
Now, it may seem that as CZ is expanding the Binance empire, Sun might be trying to rival this crypto behemoth — at least this is what some commentators seem to think.
Poloniex and Huobi reported imminent merger
Wu also tweeted in his Chinese blog, as reported by Chinese crypto news outlet 8BTC News, that Justin Sun intends to merge Poloniex and Huobi.
Poloniex will continue to operate under its own brand, though, according to the source.
