{"id":19783,"date":"2023-04-12T22:48:21","date_gmt":"2023-04-12T22:48:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-us-to-delist-tron-and-spell-tokens-amid-heightened-regulatory-pressure-bitcoin-news\/"},"modified":"2023-04-12T22:48:21","modified_gmt":"2023-04-12T22:48:21","slug":"binance-us-to-delist-tron-and-spell-tokens-amid-heightened-regulatory-pressure-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-us-to-delist-tron-and-spell-tokens-amid-heightened-regulatory-pressure-bitcoin-news\/","title":{"rendered":"Binance US to Delist Tron and Spell Tokens Amid Heightened Regulatory Pressure \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to a recent announcement from Binance US, the American-based subsidiary of the largest cryptocurrency exchange by volume, the exchange plans to delist the cryptocurrency asset tron. The news follows Binance\u2019s being sued by the U.S. Commodity Futures Trading Commission (CFTC), and Tron founder Justin Sun\u2019s being sued by the Securities and Exchange Commission (SEC) five days earlier.<\/strong><\/p>\n

Binance US Reveals Spell and Tron Deslisting<\/h2>\n

Binance US announced<\/a> that it plans to delist the cryptocurrency assets tron (TRX<\/a>) and spell (SPELL) on April 18, 2023. The company stated that it periodically reviews the assets it lists, and when a \u201cdigital 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).\u201d<\/p>\n

Binance US will close deposits for SPELL and TRX<\/a> on April 17, 2023, the day before delisting, but withdrawals will remain open. Although it is delisting Tron\u2019s native asset TRX<\/a>, Binance US will continue to support USDT<\/a>\u2019s TRC20 version and USDC issued on the Tron network. Following the delisting news, TRX<\/a> lost 2.8% of its value against the U.S. dollar, while SPELL lost more than 4%.<\/p>\n

\"Binance<\/p>\n

Spell is associated with the Abracadabra.money project, which issues the stablecoin asset called magic internet money (MIM). The delisting news follows Binance Holdings Ltd. being sued by the CFTC<\/a> and Tron founder Justin Sun being sued by the SEC<\/a>. In the SEC lawsuit against Sun, the U.S. regulator insists TRX<\/a> is an unregistered security, and Sun has also been accused of market manipulation. Moreover, a recent report<\/a> claimed that people familiar with the matter have said Binance US has been struggling to find a new banking partner.<\/p>\n

Binance US states that delisting usually relates to a cryptocurrency asset\u2019s changing risk profile, volume and liquidity, the network\u2019s resilience to external or internal attacks, and \u201cregulatory standing in the United States.\u201d The U.S. has been cracking down on cryptocurrency businesses, and on March 9, 2023, New York Attorney General Letitia James filed a lawsuit against Kucoin<\/a> and declared that ethereum (ETH<\/a>), the second-largest cryptocurrency by market cap, was an unregistered security. In the first week of April, the crypto exchange Bittrex announced<\/a> that it was closing U.S. operations due to regulatory uncertainty.<\/p>\n

What do you think about Binance US\u2019s decision to delist Tron and Spell cryptocurrencies? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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