Binance to take action against Justin Sun if he farms SUI token

Binance CEO Changpeng ‘CZ’ Zhao said the speech would forestall crypto entrepreneur Justin Sun from farming Sui tokens with his $56.1 cardinal True USD (TUSD) deposit.

On May 1, Whale Alert reported that Sun had made the deposit mentioned supra to Binance, prompting speculations that helium was trying to workplace the SUI token done the exchange’s LaunchPool.

However, CZ allayed the community’s fears that Binance had warned Sun that it would “take action” against him if helium tried to workplace the tokens. According to the CEO, the exchange’s LaunchPool is meant arsenic airdrops for retail users, not conscionable for a fewer whales.

The Binance Sui LaunchPool allows users to involvement TUSD and BNB to workplace SUI tokens implicit the adjacent 2 days. As of property time, $558.8 cardinal TUSD and 9.2 cardinal BNB tokens were staked successful the pool.

Sun issues response

Sun responded that Tron DAO Venture made the transportation successful its relation arsenic a cooperative marketplace shaper for TUSD. He added that the deposit was meant to level the TUSD terms quality and summation the liquidity of pending orders and trading volume.

Meanwhile, contempt the assertion that the funds were not meant for participating successful activities connected exchanges, it appears that portion of the funds has been staked connected SUI LaunchPool.

Sun stated that this was a mistake by colleagues that did not recognize the intent of the funds. “We person contacted the speech arsenic soon arsenic imaginable to refund the speech enactment funds successful full. We apologize for this mistake,” helium added.

However, not everyone believes Sun; immoderate think helium is lone backtracking aft being called retired publicly. Sun is astute wealth that has utilized his entree to funds to marque precise profitable trades. For instance, helium capitalized connected the USDC depeg to nett astir $3 million.

The station Binance to instrumentality enactment against Justin Sun if helium farms SUI token appeared archetypal connected CryptoSlate.