The American arm of crypto exchange Binance, Binance.US, announced it is delisting TRON (TRX) and Spell (SPELL) tokens on April 18, 2023.
Binance U.S. stated: “Trading for SPELL and TRX on Binance.US will be closed on April 18, 2023, at 8 p.m. PDT / 11 p.m. EDT and the TRX/USD, TRX/USDT, TRX/BTC, SPELL/USD, and SPELL/USDT trading pairs will be removed.”
Binance revealed that while delisting digital assets it considers a number of factors such as “changes in a digital asset token’s risk profile, regulatory standing in the United States, evidence of unethical/fraudulent conduct or negligence,” etc.
Coincidentally, the SEC sued eight celebrities, including Akon, and Justin Sun last month for engaging in fraudulent activity. The defendants are also accused of engaging in fraudulent activity by extensively using wash trading to manipulate TRX’s secondary market.
The impact of the TRX delisting would be “relatively small,” according to TRON founder Justin Sun, but TRX dropped more than 3% after the announcement and is now trading at $0.06.
Binance.On April 17, 2023, at 7 PM PDT, US announced that deposits for SPELL and TRX would be suspended, but withdrawals would continue to be accepted.
On April 13, 2023, at 4 AM PDT, the staking for TRX will be disabled, and on April 14, 2023, at 5 PM PDT, it will be removed from the staking page.
Despite delisting TRX, Binance.US will still support TRC-20 USDT and USDC tokens created on the TRON network.
Compiled by Coinbold