Binance.US, the US division of popular crypto exchange Binance, has announced the delisting of Tron (TRX) from its platform, citing regulatory standing in the United States and evidence of unethical/fraudulent conduct or negligence.
Tron, a crypto asset linked to Justin Sun, tanked by 5% over the past day from $0.066 to $0.062 following the announcement.
Binance.US clarified that it would continue to support TRC-20 USDT and USDC issued on the Tron network. The delisting comes after the US Securities and Exchange Commission sued Justin Sun on allegations of selling and airdropping unregistered securities, fraud, and market manipulation via his TRX and BTT tokens, violating Section 5 of the Securities Act.
The Tron Foundation, the BitTorrent Foundation, and BitTorrent (now known as Rainberry) were also charged with fraud and market manipulation for creating an extensive “wash trading” scheme that manipulated the trading volume of TRX.
The Tron founder’s recent arrest rumors further aggravated the FUD (fear, uncertainty, and doubt) surrounding the tokens. The delisting is scheduled for April 18, 2023.
