Binance, the world's largest cryptocurrency exchange, has decided to delist Tron (TRX) from April 18, 2023, following a probe by the U.S Securities and Exchange Commission (SEC) into Justin Sun, the founder of TRON.
TRX In Big Trouble After Binance Move
Binance.US, the US-based arm of Binance, has announced that it will delist the TRX token associated with Justin Sun from its trading platform. The decision was made as part of the periodic review of Binance's digital asset listings, which takes into account various factors. As a result, Tron (TRX) will be removed from the platform starting April 18, 2023. The review flagged the TRX token profile for its perceived risks and its potential negative impact on the crypto ecosystem, including regulatory compliance concerns. Additionally, based on the review, the exchange will also delist the SPELL token.
To summarize, Binance.US has decided to delist both TRX and SPELL tokens from its platform as part of its regular digital asset listings review. The decision was based on a range of factors, including regulatory compliance and perceived risks associated with the tokens.
The announcement of TRX's delisting by Binance.US caused a significant drop in the cryptocurrency's price, which fell by nearly 13%. As of the press time, TRX is trading at an average price of $0.064, a 5% decline from its previous value. Despite this, the 24-hour trading volume for TRX surged by 82%, reaching $411 million. Currently, TRX holds the 15th position in terms of market capitalization, which amounts to $5.83 billion.
Binance also stated that the deposits for TRX and SPELL would be closed on April 17, 2023, while the withdrawals would remain open.
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