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, last month, SEC sued Justin Sun & eight celebrities including Akon for fraudulent activity. The defendants also face charges of performing fraudulent activity by manipulating the secondary market for TRX through extensive wash trading.
Despite TRON founder Justin Sun stating that the impact of the TRX delisting would be “relatively small,” TRX fell over 3% after the announcement and is now trading at $0.06.
Binance.US stated that deposits for SPELL and TRX will be suspended on April 17, 2023, at 7 PM PDT but withdrawals will remain open.
The staking for TRX will be disabled on April 13, 2023, at 4 AM PDT and deleted from the staking page on April 14, 2023, at 5 PM PDT.
Even though Binance.US is delisting the TRX token, it will continue to support TRC-20 USDT and USDC issued on the TRON network.
Also Read: Binance.US Faces Setback as it Struggles to Find Banking Partners in US
