Binance US, the American branch of Binance, the leading cryptocurrency exchange in the world, has announced that it will delist TRON (TRX) and Spell (SPELL) from its trading platform on April 18.
The delisting comes three weeks after the Securities and Exchange Commission (SEC) accused Justin Sun, TRON’s founder, of manipulating TRX’s price.
Although withdrawals for TRX and SPELL will still be possible, trading and deposits will no longer be available. The exchange will continue to support USDT and USDC stablecoins issued on the TRON network.
At #BinanceUS, we periodically review each digital asset listed to ensure that it continues to meet the standard of excellence we expect.
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 decision to delist was prompted by a routine review process, during which the company considers a variety of factors such as trading volume, liquidity, and regulatory standing in the US. Other factors that may influence a delisting decision include evidence of fraud or unethical conduct associated with the token.
The news caused TRX, the market’s 17th-largest cryptocurrency by market cap, to drop to a three-week low of $0.062 before rebounding to $0.064 by press time, representing a 4.7% drop over the day, the steepest decline among the crypto market’s top 50 assets, per CoinGecko.