Binance.US removes Tron from the marketplace
The US branch of the Binance crypto exchange – Binance.US – is removing one of the largest cryptocurrencies, Tron (TRX). The delisting follows US authorities indicting crypto mogul Justin Sun, who released the digital currency in 2014.
Binance removes Tron from the marketplace
Binance removes Tron from the marketplace. The crypto exchange made the announcement today . However, only the Binance.US offshoot is affected. Binance.com continues to offer the cryptocurrency.
The fact that there are these differences between the branches of the company seems strange at first. Finally, the press release criticizes the quality of the sixteenth largest cryptocurrency. It says:
We regularly review all digital content that we list to ensure it continues to meet the high standards we have come to expect. Based on our review, Spell (SPELL) and TRON (TRX) will be delisted from Binance.US on April 18, 2023.
The staking offer for Tron ends tomorrow. On April 14th, the staking rewards that users have generated up to that point will be paid out. Deposits in the two cryptocurrencies are only possible until April 17th. On the same day, the marketplace will remove all trading functionality for the assets.
Customers can still withdraw the cryptocurrencies after all other features are removed. Binance does not specify an expiry date for this option.
Support for TRC-20 tokens is retained
Tron’s network is particularly popular for sending stablecoins. The most popular stablecoin is Tether (USDT), which exists as a TRC-20 token on Tron. Similar offers also exist. So users can also use USD Coin (USDC) as TRC-20.
While Binance.US is removing the network’s native token, TRX, other Tron tokens such as USDT and USDC will remain and continue to be supported. Compared to many other networks, sending the systems to Tron is particularly fast and inexpensive.
Why is Binance.US removing Tron?
Tron’s odd, half-hearted ban is most likely due to legal wrangling. In March, the US Securities and Exchange Commission filed charges against Justin Sun.
Sun is the mastermind behind Tron. He is accused in the US of illegally selling Tron and BitTorrent (BTT) because there is no registration as a security with the SEC. In addition, the Chinese are said to have manipulated the secondary market of the digital system.
Binance.US is apparently trying to avoid regulatory problems by delisting Tron. There may already have been a request from a US authority to remove TRX from the trading platform. Details are not known.
Justin Sun takes the action calmly. He told Reuters that no drastic effects were expected. Tron trading volume on Binance.US is below $2 million in the last 24 hours, according to CoinMarketCap.
