Tron price nosedives after major exchange delisting

Tron price has dropped by more than 4% today after news of Binance.US delisting.

There are a variety of factors that can cause a token to be delisted from Binance.US, which is the US branch of the Binance cryptocurrency exchange, including unethical behaviour from a crypto project and regulatory standing in the US.

Why was Tron’s TRX delisted from Binance.US?

The US Securities and Exchange Commission this week sued Tron’s founder Justin Sun over allegations of selling and airdropping unregistered securities, fraud and market manipulation involving the TRX token.

This was followed by the spread of a FUD that Justin Sun has been arrested in Hong Kong although Sun has come out to say the information about his arrest is fake. Binance’s CEO, Chanpeng “CZ” Zhao also came out to condemn the spreading of the FUD through a Twitter post that said:

“Not for myself. Just really sad to see people spreading FUD in the industry. I unfollow/block them.”

When will Tron (TRX) trading on Binance.US stop?

TRX trading on Binance.US will be halted on April 18, 2023.

In an announcement on its website, Binance.US said:

“We operate in a rapidly evolving industry and our digital asset monitoring process is designed to be responsive to market and regulatory developments. When a digital asset no longer meets our high standards, or industry circumstances change, we conduct a more in-depth review of the affected asset and assess whether further action is necessary.”

On the side of Tron, a spokesperson said that they are in communication with Binance.US over the issue although there is no official communication about the delisting from Tron Foundation.

The post Tron price nosedives after major exchange delisting appeared first on Invezz.