Breaking: Poloniex Suspends Support For Stablecoins On BSC Network

As a major development, the Poloniex crypto exchange has announced that from November 24, it will suspend deposits and withdrawals functions for stablecoins on the BEP20 (BSC) network. These include USDT, USDC, TUSD and Binance’s own BUSD.

Poloniex’s Abrupt BSC Halt

According to the recent announcement, Poloniex has stopped the BEP20(BSC) network deposit function for the above-mentioned stablecoins. However, the deposit and withdrawal functions for other BSC-based tokens will remain operational.

Poloniex will no longer support the deposit or withdrawal of any stablecoins on the BEP20(BSC) network from November 24 onwards, until further notice. However, we will continue to offer equivalent multichain solutions for stablecoins across the ERC20 and TRC20 networks.

— Poloniex Customer Support (@PoloSupport) November 23, 2022

Furthermore, the announcement urges users to use the ERC20 and TRC20 networks for stablecoin deposits and withdrawals, and that the team would be offering equivalent multichain solutions for the different stablecoins.

No Reason Given For Suspension

The crypto exchange Poloniex did not provide any further information on why it abruptly suspended services for BSC stablecoins.

Moreover, its terms of use specifically state that the exchange “reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.”

Poloniex’s Reserves & Fifa Plans

In other news related to Poloniex, the exchange has shared plans to undergo a full audit in order to share their proof-of-reserves with the community.  This will further push transparency in the industry as pioneered by Binance.

Recently, the “Poloniex World Cup Carnival” marketing initiatives were also introduced by Poloniex to commemorate the FIFA World Cup 2022 and to encourage football fans all around the world to participate in the international sporting event.

Through contests and games, the virtual carnival enables football enthusiasts & token owners to divide a prize pool of up to $100,000. With the recently released fan tokens, Poloniex aims to further incorporate Web3 initiatives in the crypto community and beyond.

About Poloniex

Founded in January 2014, Poloniex is a global cryptocurrency exchange to support spot and futures trading as well as leveraged tokens. With a world-class trading platform, Poloniex received funding from H.E. Justin Sun, Founder of TRON, in 2019 to widen its international customer base.