According to a tweet by Chinese crypto journalist and blogger Colin Wu, the Poloniex exchange, which is owned by Tron founder and former CEO Justin Sun, has suspended deposits and withdrawals of stablecoins based on the BNB Chain (also known as the Binance Smart Chain, BSC).
Sun Competing With Binance's CZ?
USDT, USDC, TUSD, and Binance's native BUSD are among the stablecoins. Sun suggested using the ERC20 and TRC20 networks instead of BEP20 (the token standard on BNB Chain), according to the tweet, which included a link to a blog post by Poloniex customer support.
There was no specific reason given for the removal of these stablecoins from the BNB Chain.
Several years ago, when Justin Sun was still officially running the Tron Foundation and did not own Poloniex or Huobi, Sun and Changpeng Zhao (CZ), the co-founder and CEO of Binance, collaborated on various projects and appeared to be friendly with each other.
Sun purchased Poloniex from Circle in 2019 and later, in early October of this year, he purchased a 100% stake in Huobi Global from its founder, Leon Li.
As CZ expands the Binance empire, it appears that Sun is attempting to compete with this crypto behemoth, at least according to some commentators.
Poloniex and Huobi Merge Plans
According to Chinese crypto news outlet 8BTC news, Wu also tweeted in his Chinese blog that Justin Sun intends to merge Poloniex and Huobi. According to the source, Poloniex will continue to operate under its own brand.