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 stop deposits and withdrawals functions for stablecoins on the BEP20 (BSC) network. These include USDT, USDC, TUSD and Binance’s own BUSD.

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.
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.
The crypto giant did not provide any further information on the action taken, as 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.”

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

This article has been originally published at: https://coingape.com/breaking-poloniex-suspends-support-for-stablecoins-on-bsc-network/