The native token of the TRON network, TRX, took the hit on the news that Binance US will no longer support it.
On April 12, the world’s largest cryptocurrency exchange, Binance, announced that it was delisting the Tron TRX token. Only TRX will be removed from the US exchange, but not Binance.com Global.
Binance US stated that it conducted a review that led to the delisting decision.
“When a digital asset does not meet our high standards or industry conditions change, we conduct a more in-depth review of the affected asset and assess whether further action (ie delisting) is necessary.”
the moves It comes after the Securities and Exchange Commission sued Tron founder Justin Sun in March over unregistered securities offerings.
The company also stated that it will remove SPELL, the native token of the Abracadabra Money ecosystem.
Target Tron Founder
In a latest attack in its ongoing war on cryptocurrencies, the SEC has targeted Tron founder Justin Sun. In addition to the Tron Foundation, the BitTorrent Foundation and Rainberry Inc. are also included. in the lawsuit.
They have been accused of selling TRX and BTT tokens which the SEC confirms are securities.
Binance US has stated that it is considering several factors as part of its review process. Among them was, and likely the factor behind the delisting, “the regulatory situation in the United States.”
It reported that deposits for TRX on Binance.US will be closed on April 17, 2023, at 19.00. PDT. In addition, the Buy, Sell, Transfer and OTC functions will be removed 1 hour after the deposit is closed.
Moreover, TRX Staking will be disabled on the 13th of April and removed from the staking page the next day.
“We will continue to support TRC-20 USDT and USDC issued on the TRON network,” the company stated.
TRX price drop
The Tron native token has fallen by 8% over the past few hours. TRX dropped from the intraday high of $0.067 to $0.063 about two hours ago.
At the time of publication, TRX had not recovered and was close to the same level. Moreover, TRX is down 72.5% from its January 2018 high of $0.231.
Moreover, the other token, SPELL, is down 6% since the announcement. At the time of writing, it is trading at $0.00076.
Disclaimer
Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.
