The BSC layer’s top stablecoins are no longer supported by Poloniex. The exchange reportedly stopped the deposit and withdrawal processes for several stable coins without providing any explanation.
According to a recent statement, the deposit and withdrawal operations for a number of BSC-based tokens have been suspended on the best-selling cryptocurrency trading service Poloniex.
Part of Poloniex’s statement reads that on the 24th of November until further notice, Poloniex is not going to back up the depositions or backdowns of any stable coins from the BSC framework.
Although the trader discouraged BSC-related depositions and backdowns, it encouraged clients to continue utilizing the other similar frameworks for stable coin deposits and withdrawals.
Unknown are the factors that led to the interruption
Poloniex did not provide a compelling justification for the halts when it announced the suspension. As a result, the users are still in the state of not-knowing anything about the causes of the suspension.
Rising rumors that there might be issues between Changpeng Zhao, CEO of Binance, and Poloniex regarding J. Stun were caused by this lack of communication. According to studies, J. Sun got millions of stable coins from the trading platform after the announcement.
The market rumors
Some believe Poloniex might know something about Binance trading service that could have an impact on them or the cryptocurrency users in the upcoming days. In light of this, Poloniex might be avoiding any dangers.
Others continued to be upbeat, speculating that perhaps Poloniex had stopped the coins due to low usage. Because of what happened with FTX, the crypto-community is very risky.
Rumors have it that major exchanges and many key opinion leaders in the cryptocurrency space were aware of FTX’s issues long before the company fell.
So as to protect their investments, a lot of investors are interested in learning the cause of Poloniex BSC’s halt.
Also, according to reports, Huobi exchange and the Poloniex cryptocurrency trading framework may unify. This goes after J. Stun bought Huobi trader and Poloniex.
Many people think that the reported uniting of the two trading platforms may have contributed to the recent BSC block.