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Binance Issues Warning to Justin Sun Over SUI Token Acquisition

Binance CEO CZ has issued a warning to Justin Sun

Binance CEO Changpeng Zhao has issued a warning to fellow crypto mogul Justin Sun after he transferred over 115 million TrueUSD (TUSD) stablecoins on Binance.

The tokens can be used to farm SUI, the native token of Mysten Labs’ Sui Network, but Zhao has stated that Binance would “take action against” Sun if he used the tokens to grab SUI tokens available via Launchpool.

However, Sun has quickly clarified that the transfer was made to provide liquidity and that some of the stablecoins were inadvertently used to participate in exchange campaigns. Sun has since reversed the actions and apologized for the oversight.

Binance Launchpool was created in 2020 during the rise of DeFi and allows users to earn newly launched tokens by staking BNB and other tokens.

While Launchpool is different from Binance Launchpad, which is essentially a platform for purchasing new tokens, it has proven popular with retail users.

This is the first time that Zhao has publicly made a threat against Sun, who he has enjoyed a close relationship with over the years.

However, Sun has stated that the episode was simply a miscommunication and that he has since contacted Zhao and made amends.

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