Poloniex has announced that it will suspend deposits and withdrawal functions for stablecoins on the BEP20 (BSC) network effective from November 24. The affected stablecoins include USDT, TUSD, USDC, and BUSD.
The crypto exchange did not offer any information why it has abruptly suspended services these stablecoins. However, the deposit and withdrawal functions for other BSC-based tokens will continue. The announcement also asked users to use the ERC20 and TRC20 networks for stablecoin deposits and withdrawals.
However, the exchange noted it reserves the “sole right and discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.”
The platform also announced its plan to undergo a full-fledged audit to share proof-of-reserves with the community to enhance transparency.
Poloniex is a global cryptocurrency exchange supporting spot and futures trading plus leveraged tokens. It has received funding from Justin Sun, founder of Tron, to expand its international customer base.
Cardano stablecoin project shuts down
Meanwhile, Ardana, the decentralized finance (Defi) and stablecoin ecosystem being built on Cardano (ADA), has been stopped due to a shortage of funds and technical issues. However, the project will remain open-source, while treasury balances will be kept by Ardana Labs until a competent team steps in to continue the work.
