Delisting TRON and Spell Tokens
Binance.US, the American division of the well-known cryptocurrency exchange Binance, has announced plans to delist digital asset tokens TRON (TRX) and Spell. The decision came after a periodic review, resulting in a sharp decline in the prices of both tokens on Wednesday. Factors considered during the review process may include trading volume, liquidity, changes in a token’s risk profile, or evidence of fraudulent or unethical conduct, among others.
Price Impact on TRON and Spell Tokens
Following the announcement, which was posted on Twitter and the Binance.US website, the TRON token saw a nearly 5% drop against the U.S. dollar. Meanwhile, the significantly smaller Spell token experienced a more than 5% decline, based on data from CoinMarketCap. Both tokens are scheduled to be removed from Binance.US on April 18, with withdrawals remaining open but trading and deposits closing.
TRON Founder’s Response to Delisting
Justin Sun, the founder of the TRON token, downplayed the impact of the delisting in a text message to Reuters. He stated that Binance.US trading volume is less than $1 million per day, while TRX’s current trading volume is $400 million. Sun was accused of fraud by the U.S. Securities and Exchange Commission (SEC) last month.
In response to the SEC’s allegations, Sun has argued that the complaint is meritless and that the regulatory framework for digital assets in the United States is still in its infancy, requiring further development.
