NewsletterJust-In: Binance US To Delist Justin Sun’s Tron (TRX) Amid Arrest FUD
Crypto News: The probe launched by the U.S Securities and Exchange Commission (SEC) against Justin Sun, Founder of TRON has led the world’s largest crypto exchange, Binance to take the delisting move.
TRX In Big Trouble After Binance Move
The US arm of Binance announced the delisting of Justin Sun’s linked TRX token from its trading platform. Binance.US stated that in a periodic review of its digital asset listings based on several factors, it has decided to remove Tron (TRX) from April 18, 2023.
It mentioned that the TRX token profile flagged risks and seems to be unhealthy for the crypto ecosystem. This includes matching the regulatory stands in the nation. However, the crypto exchange will also be delisting Spell (SPELL) token based on the review.
Also Read: BofA Report: Bitcoin’s Personal Wallet Holdings Suggest Strong Support At $30,000
Binance.US announcement led to a sharp drop in TRX price. TRON price dropped by almost 13%. However, TRX price is down by 5% to trade at an average price of $0.064, at the press time. Its 24 hour trading volume jumped by 82% to stand at $411 million. It is important to note that as of now TRX is the 15th largest crypto holding a market cap of $5.83 billion. Read More Crypto News Here…
Binance highlighted that deposits for TRX and SPEEL will close on April 17, 2023. However, withdrawals for these tokens will remain open. It added that the staking for TRX will be disabled on Aprile 13, 2023. Meanwhile, the platform will continue to support TRC-20 USDT and USDC issued on the TRON network.
Also Read: Forget Ethereum (ETH), These Altcoins Gearing Up for Next Rally
Coingape reported that US SEC in March pressed charges against Justin Sun and three of his wholly-owned companies. It mentioned that Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. The commission booked him for offering unregistered sale of Tronix (TRX) and Bittorrent (BTT).
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Why is the Crypto Market Down Today? BTC, ETH, XRP Lead Drop
- SEC Crypto Task Force Hosts Financial Privacy Roundtable Today: What to Expect
- Breaking: Kevin Warsh Now Favorite to Replace Powell After Hassett’s Fed Chair Bid Faces Pushback
- First Hyperliquid ETF Launch ‘Imminent’ as Bitwise Files Amended S-1 With SEC
- XRP News: Ripple’s RLUSD Eyes Wider Adoption as Stablecoin Expands to Coinbase’s L2 Base
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
