The US=based division of crypto exchange Binance recently revealed that it will be removing support for digital tokens TRON (TRX) and Spell from its virtual currency trading platform. This update has now sent the market prices of both these assets down considerably today.
Binance.US‘ management stated that the delisting decision came as the result of a regular review process and that certain factors it periodically considers such as overall trading volume as well as available liquidity, changes in a crypto token’s general risk profile or any signs of fraud / unethical conduct.
The TRON (TRX) token dropped around 5% following the delisting announcement, which was initially shared via Twitter and the official Binance.US website, while the relatively smaller-cap Spell token shed over 5%, according to CoinMarketCap data.
The digital tokens will reportedly get de-listed on April 18, Binance.US confirmed. And withdrawals of these tokens shall remain open, however, trading and deposits are to be closed soon.
Justin Sun, founder of the TRON token, informed Reuters that the impact due to the delisting should be “relatively small.”
“Binance.US trading volume is less than $1 million per day. TRX’s current trading volume is $400 million.”
It’s worth noting that Sun has been accused of engaging in fraudulent activities by the U.S. Securities and Exchange Commission (SEC) this pas month.
Sun has stated that the SEC’s “complaint lacks merit”, and that the US regulator’s guidelines for regulating crypto is still “in its infancy and is in need of further development.”