Justin Sun has received a warning from the Securities and Exchange Commission regarding a cryptocurrency project he founded. The project is called Tron, and it is charged with the manipulation of the TRX token by the financial regulator.
To this end, Binance US has decided to delist this cryptocurrency. Binance US is the branch of Binance crypto exchange that is operating within the US jurisdiction.
Binance officials have recently told media that they are going to delist two cryptocurrencies from next week, namely Tron and Spell token. It means that the official date of removal for both tokens is set for 18th April, as per official notifications.
However, the account holders on Binance US will be able to keep accessing their TRX and SPELL token reserves for withdrawals. Meanwhile, the trading and deposit options will disappear after the given deadline.
Binance US is Still Offering USDT and USDC
Binance US has informed its users on social media that the consumers on the network will still be able to keep trading USDC and USDT. Both these are stablecoins that are traded on TRON. The exchange has also informed the stakeholders that this delisting is the result of the routine protocol.
The firm has also explained that factors such as trading volume, regulatory stability within the US, and total liquidity have played an important role in making the decision.
The firm has listed other contributing factors, such as financial audit reports or events of any misdemeanours, among the other reasons that caused the delisting. The firm mentioned in its latest tweet that it performs regular reviews for all the listed cryptocurrencies on the trading platform.
The crypto projects that are left trading on the network are the ones that are still fulfilling the quality standards. The firm noted that the crypto market is continuously evolving, and thus they have designed a digital monitoring process that reflects the market interest and regulatory compliance.
Binance US has told media recently that digital assets that are no longer completing the quality standards are delisted. The firm noted that some assets are also affected by the changes in the ongoing industry circumstances.
Officials of the exchange have informed journalists that the firm has appointed auditors and other methods of conducting crypto viability reviews to examine their current market standing.
In this manner, the company is able is decided which assets to retain and which ones will be rerouted. TRX is the 17th largest cryptocurrency by market cap. As soon as the news about TRX getting delisted hit the media, the price of its native currency fell to a 3-week low stage of $0.062.
However, it was able to recover to $0.064 at present. It means that the currency has experienced a 4.7% decrease in intraday trade. CoinGecko reports that the 24-hour price depreciation of TRX is among the 50 assets.