• Wed. Jul 17th, 2024

Dismissal of Tron (TRX) from Binance US Revealed

Avatar photo

ByMarcel Bich

Apr 20, 2023
Marcel Bich
Latest posts by Marcel Bich (see all)

Binance US, the American division of the world`s biggest crypto exchange, has recently announced that it will be removing Tron’s central token, TRX, from its platform due to “non-compliance with exchange standards.”

While specific reasons for the delisting were not disclosed, the move comes amid a period of regulatory oversight and improved diligence within the cryptocurrency industry.

The delisting of TRX is scheduled to take place on April 17, 2023, and will include the disabling of deposits, purchases, sales, and conversions of the token. On April 13, 2023, TRX trading will also be stopped. However, Binance has reassured users that it will continue to support stablecoins USDT and USDC of the TRC-20 standard, which are issued on the Tron network.

The Reasons of Removing the TRX

The decision to delist TRX may have been influenced by the ongoing controversy around Tron’s developer, Justin Sun. In March 2023, The Securities and Exchange Commission (SEC) filed a lawsuit against him alleging that he had manipulated markets, broken federal securities laws, and laundered money.

The SEC accused Sun of artificially inflating TRX’s trading volume by having his employees conduct over 600,000 trades between two cryptocurrency platform accounts that he controlled. According to the agency, up to 7.4 million TRX passed through money laundering transactions daily.

It is plausible that Binance chose to delist TRX to avoid further complications with US regulators. The cryptocurrency industry has been under increased scrutiny in recent years, and exchanges are meeting tougher restrictions in order to prevent money laundering and other crimes.

Tron`s Current Value

Following the announcement of the delisting, the price of TRX dropped by 8%. As of April 16, 2023, it is trading at $0.063, which is 72% lower than its all-time high of $0.231 reached in January 2018. The delisting of TRX is likely to have a substantial effect on its market worth and the future of the Tron blockchain network.

Avatar photo

Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.