- Binance.US Released a statement giving the date at which Tron’s TRX will be delisted from the platform
- Justin Sun is confident and believes this will have a minimal effect considering Binance.US only accounts for less than $1 million out of the about $400 million in a day.
Binance.US recently announced that it would be removing TRON (TRX) from its trading platform. The decision was made due to some regulatory concerns surrounding TRON which has raised questions among many investors about the future of cryptocurrency.
TRON founder Justin Sun was recently summoned by a US court in a case involving allegations of fraud and securities law violations. These developments have made many investors wary of holding TRX, and some wonder if it’s time to give up the cryptocurrency.
Tron experienced a sudden significant decline days ago, with the cryptocurrency’s value dropping from $0.066 to $0.062 in just an hour, representing a 5% decrease. Since then TRX has recovered steadily to regain its start-of-the-week position.
Tron’s Turmoil
While the delisting from Binance.US is certainly a setback for TRON, it’s worth noting that TRX may still be available for trading on other cryptocurrency exchanges. The regulatory concerns surrounding TRON may not necessarily lead to a total demise.
Several blockchain projects have faced regulatory challenges in the past and have still succeeded in the long run.
This, however, is not a point to dismiss as the recent summons of Justin Sun is a cause for concern among investors. Sun is a well-known figure in the cryptocurrency industry, and his involvement in a legal case could have negative implications for TRON. If the allegations against him are proven to be true, it could lead to a loss of trust among investors and a decline in the value of TRX.
In a statement, Binance.US said that they looked into different factors before making the decision. One of the major factors is proof of fraudulent conduct.
We operate in a rapidly evolving industry and our digital asset monitoring process is designed to be responsive to market and regulatory developments.
The statement added:
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 (i.e. delisting).
Binance.US announced that they would officially remove From on April 18, 2023.
Speaking to Reuters, Sun assured Investors and supporters of maintaining firm ground. He considered the delisting to be just a small setback saying it was only a “relatively small” impact. According to Reuters Sun said that “Binance.US trading volume is less than $1 million per day. TRX’s current trading volume is $400 million”.
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Sun still remains calm in the midst of the chaos especially considering his recent lawsuit by the SEC even who accuse him of violating securities laws by issuing unregistered securities, that is, BTT and TRX.
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