The investigation of TRON founder Justin Sun by the U.S. Securities and Exchange Commission (SEC) prompted Binance, the biggest cryptocurrency exchange in the world, to delist TRON.
After Binance's Move, TRX In Serious Trouble
The delisting of Justin Sun's related TRX currency from its trading platform was revealed by Binance's US branch. According to a statement from Binance.US, Tron (TRX) has been removed from its April 18, 2023 listing after a periodic assessment of its digital asset listings based on a number of considerations.
The TRX coin profile was cited as posing hazards and appearing to be unfavorable to the crypto ecosystem. This includes conforming to national regulatory standards. However, the crypto exchange will also be delisting Spell (SPELL) token based on the review.
TRX price fell significantly as a result of the Binance.US news. The cost of TRON decreased by nearly 13%. At the time of this writing, TRX is trading at an average price of $0.064, down 5% from its previous high. Its $411 million 24 hour trading volume increased by 82%. It is significant to remember that TRX now ranks as the fifteenth-largest cryptocurrency with a market cap of $5.83 billion.
The withdrawal period for TRX and SPELL deposits will end on April 17, 2023, according to Binance. These tokens' withdrawal options will still be available. The staking for TRX will be disabled on April 13, 2023, it was added. The platform will still support TRC-20 USDT and USDC issued on the TRON network in the interim.
According to reports, the US SEC filed charges against Justin Sun and three of his fully owned corporations in March. It cited Rainberry Inc., BitTorrent Foundation Ltd., and Tron Foundation Limited. He was charged by the commission with offering unlicensed sales of Bittorrent (BTT) and Tronix (TRX).