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According to a recent announcement by Binance US, the US-based subsidiary of the largest cryptocurrency exchange by volume, the exchange plans to delist the cryptocurrency asset tron. The news follows Binance being sued by the US Commodity Futures Trading Commission (CFTC), and Tron founder Justin Sun being sued by the Securities and Exchange Commission (SEC) five days earlier.
Binance US announced that it plans to delist its cryptocurrency assets tron (TRX) and spell (SPELL) on April 18, 2023. The company stated that it periodically reviews the assets it lists and when a “digital asset no longer meets our high standards , or industry circumstances change, we conduct a more thorough review of the affected asset and assess whether further action is necessary (ie removal).
Binance US will close deposits for SPELL and TRX on April 17, 2023, the day before delisting, but withdrawals will remain open. While removing Tron’s native asset TRX, Binance US will continue to support USDT’s TRC20 version and USDC issued on the Tron network. Following the delisting news, TRX lost 2.8% of its value against the US dollar, while SPELL lost more than 4%.
Spell is associated with the Abracadabra.money project, which issues the stablecoin asset called magic internet money (MIM). The delisting news follows that Binance Holdings Ltd. is being sued by the CFTC and Tron founder Justin Sun is being sued by the SEC. In the SEC lawsuit against Sun, the US regulator insists that TRX is an unregistered security, and Sun has also been accused of market manipulation. Also, a recent report claimed that people familiar with the matter have said that Binance US has been struggling to find a new banking partner.
Binance US states that delisting is usually related to a cryptocurrency asset’s changing risk profile, volume and liquidity, the network’s resilience to external or internal attacks, and “regulatory status in the United States.” The United States has cracked down on cryptocurrency businesses, and on March 9, 2023, New York Attorney General Letitia James filed a lawsuit against Kucoin, declaring that ethereum (ETH), the second largest cryptocurrency by market capitalization, was an unregistered security. In the first week of April, crypto exchange Bittrex announced that it is closing US operations due to regulatory uncertainty.
What do you think of Binance US’s decision to remove Tron and Spell cryptocurrencies? Share your thoughts in the comments section below.
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