Binance has warned Justin Sun of possible legal action if he uses TUSD to farm SUI tokens on the Binance Launchpool. The exchange’s CEO, Changpeng Zhao, has asked Justin Sun not to try to farm SUI tokens using TUSD after he deposited over $59M in TUSD today.
Binance CEO Changpeng Zhao fires warning shot at Justin Sun
Justin Sun, the founder of the Tron Network, is known for his witty usage and investments in the crypto market. He has made several large transactions that made him huge profits, a trend that has been noticeable over the past years.
Due to these trends, Binance CEO has warned Sun to avoid using TUSD to join the SUI LaunchPool, saying that legal action may be taken.
Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will "take action against it". SMH.
Binance LaunchPool are meant as air drops for our retail users, not just for a few whales.
On the bright side, blockchains are transparent… https://t.co/8Xs1oXjfVd
— CZ 🔶 Binance (@cz_binance) May 1, 2023
Sun replied that his colleagues did use the opportunity and TUSD tokens to participate in the SUI token launch but are regretful.
In a statement, Sun said
“Regrettably, some of our team members were not fully aware of the intended purpose of these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund of the funds.”
Neither Binance nor its CEO has issued a stance on the next steps they will take on Sun for defying their directives. Also, Sun seems apologetic and willing to cooperate with the exchange. Keep watching for updates, as this is a developing story.