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Poloniex Terminates Support For Stablecoins On BSC Network

  • Poloniex, a cryptocurrency exchange, will stop supporting BSC stablecoins on November 24.

  • Poloniex has reportedly stopped supporting BEP20(BSC) network deposits. Deposit and withdrawal features for other BSC-based tokens will work.

25-Nov-2022 By: Shikha Jha
Poloniex Terminates

Poloniex, a cryptocurrency exchange, has announced 

That starting on November 24, it would stop supporting stablecoins on the BSC network.

A significant development is the Poloniex cryptocurrency exchange's announcement that it will stop processing deposits and withdrawals for stablecoins on the BEP20 (BSC) network as of November 24. These include Binance's own BUSD as well as USDT, USDC, and TUSD.

Poloniex's Sudden BSC Stop

Poloniex has reportedly discontinued supporting the BEP20(BSC) network deposit feature for the aforementioned stablecoins. Other BSC-based tokens' deposit and withdrawal features, however, will continue to work.

The release also advises users to deposit and withdraw stablecoins using the ERC20 and TRC20 networks, and it states that the team will provide equal multichain solutions for each stablecoin.

Lack of Justification for Suspension

The crypto exchange Poloniex did not elaborate on the circumstances surrounding its abrupt suspension of BSC stablecoin services.

Furthermore, the exchange "reserves the right in its sole discretion to revise or change or cancel this statement at any moment and for any reasons without prior notice," according to its conditions of use.

Reserves & Fifa Plans for Poloniex

Other Poloniex-related news includes the exchange's ambitions to conduct a thorough audit so they may provide their proof-of-reserves to the public. This will advance Binance's pioneering work in promoting industry openness.

Poloniex recently unveiled the "Poloniex World Cup Carnival" marketing campaigns to celebrate the FIFA World Cup 2022 and inspire soccer fans around the globe to take part in the global athletic event.

The virtual carnival offers football fans and token owners the chance to split a prize pool worth up to $100,000 through contests and games. Poloniex wants to further integrate Web3 efforts in the crypto community and outside of it using the freshly issued fan tokens.

Regarding Poloniex

A global cryptocurrency exchange that supports spot and futures trading as well as leveraged tokens, Poloniex was established in January 2014. With a top-notch trading platform, Poloniex obtained funding in 2019 from H.E. Justin Sun, the founder of TRON, to increase its global clientele.

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