In its delisting announcement, Binance.US said it would delist TRON’s TRX from its trading platform on April 18.
tronnative of clean start The coin recently dropped 6.4% after being delisted from Binance.US amid a regulatory lawsuit against the founder. justin sun, week ago, Securities and Exchange Commission (SEC) sued on Sun is accused of selling and disseminating unregistered securities. The regulatory agency also accuses the popular crypto entrepreneur of fraud and market manipulation involving the TRX coin.
Binance.US Follows TRX delisting announcement with a statement that read:
“We periodically review each digital asset we list to ensure that it continues to meet the standard of excellence we expect. We operate in a rapidly evolving industry and Our digital asset monitoring process is designed to be responsive to market and regulatory developments.
In addition, the US branch of the world’s largest crypto exchange by trading volume also added:
“When a digital asset no longer meets our high standards, or industry circumstances change, we conduct a more thorough review of the affected asset and assess whether further action is necessary (i.e., delisting) “
Trading for TRX ends on Tuesday, April 18, according to Binance.US.
Binance.US lists possible motivating factors for TRX delisting
While Binance.US did not specify what was the reason for the delisting of TRX, the US-based exchange listed several influencing factors. These include changes in the risk profile, trading volume and liquidity of digital asset tokens. In addition, the exchange cited US regulatory status, community engagement levels, and evidence of unethical/fraudulent conduct or negligence.
Following its decision to delist TRX, Binance.US highlighted notable information for investors regarding deposits, withdrawals, and staking. The exchange said it will close SPELL and TRX deposits on April 17 while withdrawals remain open. Furthermore, Binance.US plans to deactivate TRX staking tomorrow and remove the coin from the staking page on April 14th.
Despite these changes, Binance.US pledges to continue supporting TRC-20 usdt And USDC is issued on the TRON network.
A TRON spokesperson said the decentralized platform is in communication with Binance.US on the delisting development. However, the spokesperson refrained from providing additional details.
Sun downplays delisting amid SEC market rigging lawsuit
In a text message to Reuters, Sun Explained that the impact of Binance.US delisting TRX would be “relatively small”. According to the TRON founder, “Binance.US trading volume is less than $1 million per day. TRX is currently trading at $400 million.”
The crypto entrepreneur faces an SEC lawsuit but previously said the US regulator’s complaint lacks merit. Furthermore, Sun said that the SEC’s regulatory framework for digital assets is “still in its infancy” and needs further development.
On March 22, the SEC alleged that Sun began an “extensive wash trading” program to inflate TRX and BitTorrent (BTT) trading volumes. In addition, the commission sued American celebrities Lindsay Lohan, Jake Paul, Akon, Ne-Yo, Soulja Boy, Lil Yachty and Michelle Mason for infringement. According to the SEC, these celebrities illegally dodged charges for their roles and promoted TRX and BTT without disclosing that they were paid. Nonetheless, most of the accused stars settled the charges.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip crypto stories down to the basics so that anyone anywhere can understand without a lot of background knowledge. When he is not delving deep into crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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