Justin Sun v. CZ? Sun's Poloniex Stops Using BSC-Based Stablecoins
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
Season 2 is CZ VS Justin Sun
— 0013 (@th1r3een) November 25, 2022
Yuri MolchanPoloniex 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.
According to Wublockchain, multiple sources familiar with the matter have revealed that the #Crypto exchange #Poloniex that Justin Sun acquired from Circle in 2019 will merge with his recently acquired Huobi. Sun responded that the Poloniex brand will continue to exist. pic.twitter.com/yNXjmv4zm2
— 8BTCnews (@btcinchina) November 25, 2022
Related articles
Dan Burgin
U.Today Editorial Team
Vladislav Sopov