The Binance US platform will discontinue supporting the TRON (TRX) and Spell (SPELL) currencies on April 18. On April 17 at 7 p.m. PDT or 10 p.m. EDT ET, deposits for both tokens will stop being allowed, and on April 13, at midnight, TRX staking will end.
Tron and spell tokens will be delisted by Binance US
The native token of Justin Sun’s cryptocurrency platform Tron, TRX, will shortly be removed from Binance’s US branch.
The delisting of Spell, which has a limit of only $81 million, will likewise take place on April 18.
A variety of considerations, including changes in a token’s risk profile, trading volume, liquidity, regulatory status in the US, and evidence of fraudulent behavior, were taken into account by Binance in making its conclusion, which it claimed was part of a periodic assessment.
Both tokens were removed from the exchange’s listing for an unknown reason. On April 17 at 10 p.m. ET, deposits for Spell and TRX will end; withdrawals will continue to be accepted.
In a statement, Binance stated, “We work in a field that is fast growing, and our digital asset monitoring mechanism is meant to be sensitive to market and regulatory changes.
“We conduct a more in-depth examination of the impacted asset and determine whether further action (i.e. delisting) is warranted when a digital asset no longer satisfies our high standards or when industry conditions change.”
Sun didn’t seem phased by the action
After the delisting announcement, SPELL fell more than 4%, while TRX lost 2.8% of its value relative to the US dollar.
Sun, the inventor of Tron, told Reuters that the action by Binance would not appear to have any effect on him. The US would be “quite tiny” in the delisting.
Sun, the inventor of Tron, didn’t seem perturbed by the action, telling Reuters that Binance US’s delisting would have a “very minimal” impact.
According to him, the daily trading volume of TRX on Binance US is less than $1 million despite the token’s daily trading volume being $400 million.
The Tron Foundation, BitTorrent, and Rainberry firms were sued by the US Securities and Exchange Commission (SEC) for the “unregistered offer and sale of crypto asset securities” that Tronix and BitTorrent engaged in.
Also, the agency charged Sun with using wash trading, which is purchasing and selling an asset at the same time, to manipulate the secondary market for TRX in order to artificially boost trading activity and spread false information.
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