TRON Tanks 8% as Binance US Delists TRX

TRON Tanks 8% as Binance US Delists TRX

The native token for the TRON network, TRX, has taken a beating on the news that Binance US will no longer support it.

On April 12, the world’s largest crypto exchange Binance announced that it will be delisting the Tron TRX token. TRX will only be delisted from its U.S. exchange, however, not global.

Binance US stated that it had conducted a review which led to the decision to delist.

“When a digital asset no longer meets our high standards, or industry circumstances change, we conduct a more in-depth review of the affected asset and assess whether further action is necessary (i.e. delisting).”

The move comes after the Securities and Exchange Commission sued Tron founder Justin Sun in March for unregistered securities offerings


The company also stated that it would be delisting SPELL, the native token of the Abracadabra Money ecosystem.

Tron Founder Targeted

In a recent salvo in its ongoing war on crypto, the SEC targeted Tron founder Justin Sun. In addition to the Tron Foundation, the BitTorrent Foundation, and Rainberry Inc. were also included in the lawsuit.

They were accused of selling TRX and BTT tokens which the SEC asserts are securities.

Binance U.S. stated that it considers several factors as part of its review process. Among them, and likely to be the factor, behind the delisting was “Regulatory standing in the United States.”  

It stated that deposits for TRX on Binance.US will be closed on April 17, 2023, at 19.00. PDT. Additionally, buy, sell, convert and OTC functionality will be removed one hour after deposits close, it added.

Furthermore, TRX staking will be disabled on April 13 and removed from the staking page the following day.  

“We will continue to support TRC-20 USDT and USDC issued on the TRON network,” the firm stated.

TRX Price Slumps

The Tron native token has slumped 8% over the past couple of hours. TRX fell from an intraday high of $0.067 to bottom out at $0.063 around two hours ago.

Tron TRX/USD 24 hours – BeInCrypto

At the time of publication, TRX had not recovered and was around the same level. Furthermore, TRX has fallen 72.5% from its January 2018 all-time high of $0.231.

Furthermore, the other delisted token, SPELL, has slumped 6% since the announcement. At the time of writing it was trading at $0.00076.

This is a developing story and will be updated. We will update as the situation develops.


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest