- The platform said the token no longer meets its ‘standard of excellence.’’
- Support for TRC-20 USDT and USDC on the TRON network remains unaffected.
Binance US arm has delisted Justin Sun and Tron’s affiliated cryptocurrency TRX, causing a sharp decline in the digital asset price.
In an announcement made on April 18, the exchange said that TRX no longer meets the standard of excellence on its periodic review.
‘‘At Binance.US, we periodically review each digital asset we list to ensure that it continues to meet the standard of excellence we expect,’’ the press release read. ‘‘We operate in a rapidly evolving industry, and our digital asset monitoring process is designed to be responsive to market and regulatory developments.’’ The company has also delisted Abracadabra.money – based SPELL token.
Per the announcement, SPELL and TRX token deposits will halt on the platform from April 17 at 7 pm PDT while withdrawals remain open. Buy, Sell, & Convert, and OTC functionality will cease an hour after the deposits are suspended.
Supported Staking Pairs Also Halted
Staking of the suspended digital assets would be stopped from April 13, according to the announcement, and trading pairs, TRX/USD, TRX/USDT, TRX/BTC, SPELL/USD, and SPELL/USDT, expected to close on April 18. However, TRC-20 USDT and USDC based on TRON network support would reportedly continue as before.
Last month, the SEC charged Tron Founder Justin Sun and three of its fully-owned companies, Tron Foundation, BitTorrent, and Rainberry, for offering unregistered securities and manipulating the secondary market of TRX.
Meanwhile, TRX is facing selling pressure following the delisting. At press time, the digital asset was down 4% and 3% in the past day and week respectively. TRX ranks the fifteenth largest cryptocurrency with a market capitalization of $5 billion.