Poloniex Lists Binance Coin Following Tensions Over Steem

Published at: June 5, 2020

Poloniex, a veteran exchange that was recently purchased by a consortium including Tron founder Justin Sun, has launched Binance Coin (BNB) and Binance USD (BUSD) pairings.

As of June 6, BNB and BUSD wallets are now live on the exchange, with markets for the corresponding pairings slated to launch in post-only mode to ensure stability before full trading functionality rolls out.

Binance tokens listed on Poloniex

The listings bring support for six new pairings, with Binance Coin now tradeable against Bitcoin (BTC), Tether (USDT), and Tron (TRX) in addition to BUSD, and Binance USD also supported against USDT and BTC.

BNB currently comprises the eighth-ranked cryptocurrency by capitalization with $2.76 billion. While BUSD ranks as the 49th-largest crypto asset by market cap, it is the third-ranked stablecoin behind Tether and USD Coin.

Are tensions between CZ and Sun subsiding?

The listing appears to indicate that it’s business as usual between Binance and Justin Sun, despite the two camps failing to see eye-to-eye over the recent Steem fiasco.

After Justin Sun purchased roughly 20% of Steem’s supply alongside Steemit Inc, the cryptocurrency’s community moved to execute a hard fork that would freeze the founder’s reward acquired by Sun.

In response, Steem’s block validators were suddenly ousted, with votes corresponding to customer funds stored on Binance, Poloniex, and Huobi being mobilized to remove the delegated proof-of-stake, or DPoS, network’s witnesses.

CZ takes stand against Sun over Steem

Following community backlash, Huobi and Binance founder and chief executive Changpeng Zhao, or CZ, asserted that they had been misled as to the nature of what they were voting for, claiming to have been informed of an upcoming “upgrade.” 

While the exchanges promptly withdrew their votes, the debacle comprised the catalyst for a community-driven hard fork that would create a new chain dubbed Hive — freezing Sun’s controversial founder’s reward in the process.

However, retaliatory Steem hard forks initiated to freeze millions of STEEM tokens held by the network’s former validators again saw Sun’s action draw public criticism from CZ — who took aim at the centralization of Steem and announced that Binance would support additional community-driven forks intended to unfreeze the targeted funds.

Tags
Altcoin
Binance
Binance Coin
Justin Sun
Tron
Poloniex
Related Posts
Justin Sun Accused of Bribing His Way to the Top of the Steem Hierarchy
Major Steem stakeholder Dan Hensley has levied heavy accusations at TRON founder and CEO Justin Sun. According to Hensley’s April 8 writeup, Sun “bribed” his way to the top of the Steem hierarchy with “money, power and users.” As Cointelegraph reported in early March, Steem was the subject of what many supporters deemed a hostile takeover by Justin Sun. Hensley’s latest allegations shed new light on how the TRON founder allegedly influenced prominent Steemians into doing his bidding. A TRON representative declined to comment on this story. In a conversation with Cointelegraph, Hensley described Sun’s intention to circumvent established community …
Altcoin / April 13, 2020
How the Steem Saga Exposes the Dangers of Staking Pools
Over the last few days, the centralization versus decentralization row has erupted in earnest. In case you missed it, the activities of Tron founder Justin Sun following his takeover of blogging site Steemit have been pivotal to the controversies. Let’s briefly recap. Earlier in February, it emerged that Sun was further expanding his crypto-empire with the acquisition of Steemit, which runs on the Steem blockchain. Steem was developed by Daniel Larimer, who also introduced the delegated proof-of-stake governance model, or dPoS, to the blockchain sphere. Larimer later went on to build EOS, which also runs on dPoS. Related: Steemit Managing …
Blockchain / March 10, 2020
Binance Reverses Vote in Apparent Steem Takeover, Steemit Comms Head Resigns
On March 3, Binance CEO Changpeng Zhao announced that the exchange had removed its votes that contributed to a sudden shift of control over the Steem blockchain. Earlier today, leading exchanges Binance, Huobi, and Poloniex came under fire for allegedly mobilizing customer deposits to vote in what has been described as a hostile takeover of popular crypto blogging platform Steemit. Steemit’s native blockchain Steem uses a proof-of-stake protocol — where a small number of “witnesses” are voted on to secure its network. Votes are allocated according to the number of tokens that an individual holds in their wallet. Steem’s witnesses …
Blockchain / March 3, 2020
‘I’m Not Buying Anything,’ Says Tron CEO Amid Reports of Poloniex Acquisition
Tron (TRX) founder and CEO Justin Sun has possibly refuted recent reports suggesting that he is leading an investment group behind the acquisition of cryptocurrency exchange Poloniex. In a tweet published on Oct. 19, Sun has claimed that he is “not buying anything,” noting that he is an investor and disclosing some of his crypto assets: “Just invest some and help out my friends. Actually I have a huge bag of $BNB, $HT, $OKB etc and bet on all exchanges that support $TRX & $BTT.” As Cointelegraph reported on Oct. 18, the United States-based crypto exchange Poloniex is spinning out …
Altcoin / Oct. 19, 2019
Tron Founder Justin Sun Admits to Investment in Crypto Exchange Poloniex
Tron (TRX) founder Justin Sun admitted to being one of the investors that recently acquired cryptocurrency exchange Poloniex from financial technology firm Circle. Sun said he was one of the investors who acquired the trading platform in a livestream published by the official Poloniex Twitter profile on Nov. 12. Furthermore, he noted that the exchange operates independently from his firm, the Tron Foundation. In October, Sun refuted reports suggesting that he is leading an investment group behind the acquisition of cryptocurrency exchange Poloniex. Following the acquisition, Poloniex spun out from Circle as an independent company. During the livestream, Sun claimed …
Altcoin / Nov. 13, 2019