American division of the largest cryptocurrency exchange Binance reported on the delisting of Tron (TRX) and Spell (SPELL) tokens. Trading pairs will be removed from Binance.US on April 18th.
Before making such a decision, the platform considered various factors, including regulatory status in the United States and evidence of unethical and/or fraudulent behavior or negligence, which contribute to the decision to delist a digital asset from the list of tradable digital currencies. There are no plans to disable the withdrawal of coins yet.
At #BinanceUSwe periodically review each digital asset listed to ensure that it continues to meet the standard of excellence we expect.
Based on our recent review, Spell (SPELL) & TRON (TRX) will be delisted from the platform on April 18, 2023.
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— Binance.US Customer Support (@BinanceUShelp) April 12, 2023
When a digital asset no longer meets our high standards, or industry circumstances change, we conduct a more in-depth analysis of the asset and assess whether further action (i.e. delisting) is necessary.
On the news from Binance.US, TRX fell to $0.062, the level that was last recorded in March of this year.
It is likely that Binance.US’s cooling towards TRX is due to the fact that at the end of March the US Securities and Exchange Commission (SEC) filed a lawsuit accusing Tron founder and CEO Justin Sun of selling unregistered securities, fraud and market manipulation.
Justin Sag, the Tron Foundation, the BitTorrent Foundation, and BitTorrent (now Rainberry) have been selling and promoting TRX and BitTorrent BTT tokens, which the regulator has described as unregistered securities, in an official SEC press release. The defendants, according to the SEC, also “fraudulently manipulated the TRX secondary market through a wash trading scheme.”
Personally, Sun tried to artificially inflate TRX trading volumes through a wash trading scheme by forcing his employees to “participate in more than 600,000 TRX wash trades between two crypto asset trading platform accounts he controlled.” According to the lawsuit, Sun’s employees at the Tron Foundation conducted the trades, the BitTorrent Foundation and Tron Foundation controlled the accounts, and Rainberry’s employees transferred the funds for the trade.
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