3 - 4 minute read
Tron’s TRX token has faced yet another blow as it was delisted from Binance.US. The token suffered a slump of 6.4% soon after the announcement was made. The delisting comes on the heels of a recent lawsuit filed by the U.S. Securities and Exchange Commission against Justin Sun, the founder of Tron.
According to CoinDesk market data, trading for TRX on Binance.US will end on April 18. Binance.US highlighted that it conducts a more in-depth review of an asset when it no longer meets its high standards, or when industry circumstances change. A spokesperson for Tron confirmed the communication with Binance.US and did not offer any further comment on the matter.
This move from Binance.US is expected to have a significant impact on TRX and may cause some traders to re-evaluate their investment strategy.
The delisting of TRX from Binance.US is a noteworthy event in the cryptocurrency world. Tron, ranked among the top fifteen cryptocurrencies by market cap, has been subject to numerous challenges over the years. The recent lawsuit filed by the SEC against Justin Sun, the founder of Tron, has further fuelled the controversy surrounding the token. The lawsuit alleges that Sun was involved in the sale and airdrop of unregistered securities, market manipulation, and fraud using TRX tokens.
The lawsuit seems to be further exacerbated by the decision of Binance.US. The delisting of TRX by the exchange is undoubtedly a difficult pill to swallow for the token’s supporters. Binance is one of the most popular cryptocurrency exchanges globally and is known to have a significant impact on the market.
Binance.US was clear in explaining its decision regarding the delisting. The exchange remarked that it operates in a rapidly evolving industry, and its digital asset monitoring process is designed to be responsive to market and regulatory developments. Hence, when a digital asset no longer meets their high standards, or industry circumstances change, they conduct a more detailed review of the affected asset and assess whether further action is necessary.
The Bottom Line
The delisting of TRX by Binance.US has come as a massive setback for Tron. The move will undoubtedly have a significant impact on TRX’s market position and may prompt traders to reconsider their investment strategy. The lawsuit against Justin Sun has already cast a shadow on the company’s credibility. Delisting from one of the most popular exchanges can only exacerbate the situation. It is now essential for Tron to take corrective measures to restore the token’s reputation and regain the trust of the cryptocurrency community.
