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Justin Sun v. CZ? Sun's Poloniex Stops Using BSC-Based Stablecoins

Fri, 11/25/2022 - 11:56
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Yuri Molchan
Poloniex exchange has stopped deposits and withdrawals of stablecoins that run on BEP20, according to this report
Justin Sun v. CZ? Sun's Poloniex Stops Using BSC-Based Stablecoins
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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 stopped deposits and withdrawals of stablecoins that run on BNB Chain (also known as the Binance Smart Chain, BSC).

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 particular reason for the removal of these stablecoins on the BNB Chain was offered.

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 on, in early October this year, he purchased a 100% stake at 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.

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Poloniex and Huobi imminent merge reported

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.