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TRON and Spell Tokens to be Removed From Binance.US

WikiBit 2023-04-12 17:50

Abstract:Binance.US has announced the removal of TRON and Spell tokens from its trading platform as part of a periodic assessment. The value of both tokens fell after the announcement, with delisting set to take place on April 18. Justin Sun, founder of TRON, claimed that the impact of the decision would be relatively small. Regulatory pressures have led to a series of similar delistings in recent months.

BINANCE.US, the American arm of cryptocurrency exchange Binance, has announced the removal of the digital asset tokens TRON and Spell from its trading platform. On Wednesday, the value of both tokens plummeted as a result of this news. Binance.US noted that the decision to withdraw the tokens was the result of a periodic assessment that takes into account a number of variables such as trading volume and liquidity, changes in risk profile, and proof of fraudulent or unethical activity, among others.

According to CoinMarketCap statistics, the value of the TRON token plunged about 5% against the US dollar after the news, while the smaller Spell token fell more than 5%. Binance.US has announced that both coins would be delisted from its trading platform on April 18, with trading and deposits ceasing but withdrawals continuing.

According to Justin Sun, the founder of TRON, Binance has a significant effect. The US decision would be “relatively small,” according to Binance.TRON's daily trading volume is now $400 million, compared to the United States daily trading volume of less than $1 million. The Securities and Exchange Commission (SEC) filed a fraud complaint against Sun earlier this month. Sun has argued that the SEC's complaint lacks merit and that the agency's regulatory framework for digital assets is still in its early stages and requires improvement.

Binance.The decision by the US to delist TRON and Spell follows a series of similar steps by other exchanges in recent months. BitMart stated in March that it will delist XRP, while cryptocurrency exchange Kraken deleted BSV tokens from its platform in April. Legal concerns and regulatory hazards were highlighted as grounds for both BitMart and Kraken's actions.

The crypto industry is being scrutinized more thoroughly by regulatory bodies throughout the world, most notably the SEC in the United States and the Financial Conduct Authority in the United Kingdom. As a consequence of these regulatory demands, numerous exchanges have begun to delist coins that may endanger investors or breach legal regulations. As seen with TRON and Spell after Binance.US's decision, these delistings may have a significant influence on the value of the concerned currencies.

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