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TRON will be delisted from Binance.US next week

TRON (TRX) and SPELL (SPELL) will be delisted from the exchange on April 18, 2023.

Binance.US, the American arm of the world’s largest cryptocurrency exchange, has announced that it will delist TRON (TRX) and Spell (SPELL) from its trading platform next week.

Deposits for both tokens will close at 7 p.m. PDT on April 17, 2023, and buy, sell, convert and OTC functionality will be removed one hour after deposits close.

Withdrawals will remain open, and the exchange will continue to support TRC-20 USDT and USDC issued on the TRON network.

Trading for SPELL and TRX on Binance.US will be closed on April 18, 2023 at 8 p.m. PDT.

What about staking?

TRX is a popular staking coin with a staking market cap of $2,507,072,974 and a staked ratio of 43.05%.

Staking for TRX will be disabled on April 13, 2023 at 4 a.m. and removed from the staking page on April 14, 2023 at 5 p.m. If you have TRX staked, Binance.US will unstake your tokens and deposit them back to your wallet.

You will receive any TRX staking rewards and staked TRX on April 14, 2023 at 8 p.m. PDT.

Why are they being delisted?

The statement omits any specific details, but it appears that the tokens are being delisted as part of a routine review.

Binance said: “At Binance.US, we periodically review each digital asset we list to ensure that it continues to meet the standard of excellence we expect. We operate in a rapidly evolving industry and our digital asset monitoring process is designed to be responsive to market and regulatory developments. When a digital asset no longer meets our high standards, or industry circumstances change, we conduct a more in-depth review of the affected asset and assess whether further action is necessary (i.e. delisting).”

When reviewing digital assets, Binance takes into consideration things like risk profiles, regulatory standing, smart contract stability and more.

Justin Sun’s legal troubles may have something to do with it, though.

On March 23, the Securities and Exchanges Commission (SEC) sued Tron founder Justin Sun alongside various other celebrities for violating securities law.

As outlined in the statement, the SEC also charged Sun and his companies with “fraudulently manipulating the secondary market for TRX through extensive wash trading, which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership, and for orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation.”

The SEC accused Sun of directing his employees to conduct more than 600,000 TRX wash trades between April 2018 and February 2019, leading to illicit gains of $31 million.

TRX fell by 11% in 30 minutes following the announcement.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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