BinanceUS will delist Tron (TRX) coin

TRX coin plunged by 8%, just after BinanceUS announced that it will terminate its support for TRX coin. 

Tron blockchain is a popular Proof-of-stake (PoS) blockchain network and TRX is a native coin on this network. Popular crypto personality Justin Sun is the founder of Tron Blockchain. Justin is no longer at any official position in the Tron blockchain project, as he stepped down from his crypto job in late 2021.

On 12 April 2023, BinanceUS, an independent American subsidiary of Binance.com crypto exchange, announced that the exchange decided to terminate support for TRX coin and Spell coin, on behalf of the asset review process. 

At #BinanceUS, we periodically review each digital asset listed to ensure that it continues to meet the standard of excellence we expect.

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Based on our recent review, Spell (SPELL) & TRON (TRX) will be delisted from the platform on April 18, 2023.

(1/2) pic.twitter.com/EJCzM9xZdN

— Binance.US Customer Support (@BinanceUShelp) April 12, 2023

The announcement also confirmed that the exchange will close TRX staking support on 13 April and later terminate all kinds of deposit & trade support on 17 April. 

US SEC vs Justin Sun

In March 2023, The United States Securities and Exchange Commission (SEC) initiated fraud Charges against Justin Sun over unregistered securities offerings in the US without any registration.

Today we charged crypto entrepreneur Justin Sun and three of his wholly-owned companies for the unregistered offer and sale of crypto asset securities Tronix and BitTorrent.

Read more:https://t.co/4tXgKNof6Q

— U.S. Securities and Exchange Commission (@SECGov) March 22, 2023

Under the Lawsuit, the SEC body also dragged Tron Foundation, the BitTorrent Foundation, and Rainberry Inc. 

TRX coin 

Because of this news, the TRX coin faced high sell pressure but suddenly recovered. 

The below attached TRX price graph shows that TRX was down by 7.42% for some hours. 

BinanceUS banking crisis 

Recently a Wall Street Journal (WSJ) report claimed that Binance is facing a huge problem in the US because of the ongoing regulatory crypto crackdown. 

The report noted that BinanceUS failed to get any new banking partner, as most crypto-friendly US banks Signature & Silvergate collapsed.

Read also: CZ explains why Binance left China before the crypto ban

BinanceUS will delist Tron (TRX) coin

 

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