Crypto News: The probe launched by the U.S Securities and Exchange Commission (SEC) against Justin Sun, Founder of TRON has led the world’s largest crypto exchange, Binance to take the delisting move.

TRX In Big Trouble After Binance Move

The US arm of Binance announced the delisting of Justin Sun’s linked TRX token from its trading platform. Binance.US stated that in a periodic review of its digital asset listings based on several factors, it has decided to remove Tron (TRX) from April 18, 2023.

It mentioned that the TRX token profile flagged risks and seems to be unhealthy for the crypto ecosystem. This includes matching the regulatory stands in the nation. However, the crypto exchange will also be delisting Spell (SPELL) token based on the review.

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Binance.US announcement led to a sharp drop in TRX price. TRON price dropped by almost 13%. However, TRX price is down by 5% to trade at an average price of $0.064, at the press time. Its 24 hour trading volume jumped by 82% to stand at $411 million. It is important to note that as of now TRX is the 15th largest crypto holding a market cap of $5.83 billion. Read More Crypto News Here…

Binance highlighted that deposits for TRX and SPEEL will close on April 17, 2023. However, withdrawals for these tokens will remain open. It added that the staking for TRX will be disabled on Aprile 13, 2023. Meanwhile, the platform will continue to support TRC-20 USDT and USDC issued on the TRON network.

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Coingape reported that US SEC in March pressed charges against Justin Sun and three of his wholly-owned companies. It mentioned that Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. The commission booked him for offering unregistered sale of Tronix (TRX) and Bittorrent (BTT).