According to a recent announcement from Binance US, the American-based subsidiary of the largest cryptocurrency exchange by volume, the exchange plans to delist the cryptocurrency asset tron. The news follows Binance’s being sued by the U.S. Commodity Futures Trading Commission (CFTC), and Tron founder Justin Sun’s being sued by the Securities and Exchange Commission (SEC) five days earlier.

Binance US Reveals Spell and Tron Deslisting

Binance US announced that it plans to delist the 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 in-depth review of the affected asset and assess whether further action is necessary (i.e. delisting).”

Binance US will close deposits for SPELL and TRX on April 17, 2023, the day before delisting, but withdrawals will remain open. Although it is delisting 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 U.S. dollar, while SPELL lost more than 4%.

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Author: Jamie Redman

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