Binance.US, a unit cryptocurrency exchange Binance set up to serve U.S. customers, will delist the native token of the Tron blockchain, TRX, on April 18.
See related article: SEC warns Coinbase of potential legal action over staking, separately targets Tron founder Sun
Fast facts
- Binance said on Wednesday that its digital asset monitoring process is “designed to be responsive to market and regulatory developments” and would delist a digital asset based on a variety of factors, including changes in the token’s risk profile, regulatory standing in the U.S. and unethical conduct.
- Binance’s announcement of delisting TRX comes after the U.S. Securities and Exchange Commission last month took legal action against Tron founder Justin Sun. The regulator charged Sun and three of his firms for the “unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT).”
- TRX fell 5.4% in the past 24 hours to trade at US$0.064 at 12:20 p.m. in Hong Kong, according to data from CoinMarketCap.
- Tron did not immediately respond to Forkast’s request for comment.
- Binance will also delist Spell, a token associated with lending platform abracadabra.money.
- Binance said it will disable staking for TRON on April 13 and close the trading functions for TRON and Spell on Binance.US on April 18.
See related article: Binance, Zhao sued by CFTC for alleged regulatory violations