Justin Sun Attacked By FUD, Binance US Announces TRX Delisting

BinanceUS plans to remove TRX trading from its platform. (Photo; Doc. Cryptomist)

JAKARTA - Binance.US crypto exchange, a Binance branch operating in the United States, has announced plans to remove TRX (Tron) and SPELL tokens from its trading platform. This happened shortly after Justin Sun was rumored to have been arrested by Hong Kong police. In a recent statement, Sun denied the allegations.

This decision was taken after a periodic review of digital assets listed on the platform, based on several factors. The removal of TRX and SPELL is scheduled to take place from April 18, 2023.

Binance.US stated that the TRX and SPELL token profiles show risks and are considered unhealthy for the crypto ecosystem, including compliance with regulations in the United States. This resulted in a significant decrease in the price of TRON, with the price of TRX falling by almost 13 percent. At the time of writing this news, TRX prices fell 5 percent and were trading at an average price of 0.064 US dollars or Rp953 per token.

TRX trading volume in 24 hours increased by 82 percent, reaching USD 411 million (IDR 6.1 trillion). However, TRX is still one of the largest crypto assets ranked 15th by market capitalization of USD 5.83 billion (IDR 86 trillion).

Binance.US also announced that deposits for TRX and SPELL will be closed on April 17, 2023, but withdrawals will remain open. In addition, staking for TRX will be disabled since April 13, 2023. However, Binance.US will still support USDT and USDC tokens issued on the TRON network.

Previously, Justin Sun, founder of Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc., was indicted by the US SEC in March for allegedly selling unregistered TRX and BTT.

Coiningape reports that this lawsuit is one of the factors affecting Binance.US' decision to remove TRX from its trading platform.

The removal of TRX and SPELL tokens from the Binance.US trading platform has attracted the attention of crypto market players, especially TRX holders. However, Binance.US remains committed to carrying out periodic reviews of digital assets listed on its platform, in order to maintain integrity and compliance with regulations in the crypto ecosystem in the United States.