Binance.Us Delists Tron – World’s largest cryptocurrency exchange, Binance recently announced TRX delisting from its platform. The announcement follows the lawsuit against Tron’s founder Justin Sun.
Justin was sued by the Security and Exchange Commission (SEC) over alleged involvement in fraud and market manipulation involving the TRX token. According to the press release issued by the SEC, the regulatory commission accused the crypto mogul of fraud and sales of unregistered security to investors.
The SEC charged Sun with “extensive wash trading which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership, and for orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation.”
Binance.Us also announced that trading for TRX will end on April 18. Announcing the delisting on its page, Binance.Us said,
“We operate in a rapidly evolving industry and our digital asset monitoring process is designed to be responsive to market and regulatory developments. 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,”
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Furthermore, the SEC accused some notable celebrities including Jake Paul, Ne-yo, and Lindsay Lohan of not making known what they were compensated for repeatedly asking people to buy TRX and BTT illegally.
Effect of Tron Delisting from Binance
After the news of Binance.Us delisting Tron from its platform, the TRX token dropped in price by over 6.4% in the last 24 hours. Investors are now faced with FUD (Fear Uncertainty, and Doubt).
Also following the announcement, rumors started spreading on Twitter that Justin Sun was arrested in Hong Kong while attending a crypto event. However, he was spotted moving freely in the event. He even tweeted about meeting Alibaba’s former CSO, his mentor.
Rumors of Justin Sun being arrested.
Justin sun tweets “4”
— whalechart (@WhaleChart) April 11, 2023
Reports from Coinglass suggest that feelings surrounding the token have not moved from being bearish with more short positions betting against TRX. Also, TRX experienced 500,000 liquidations. The majority of these liquidations come from long positions.
TRX Price Today
According to live data from CoinMarketCap, Tron (TRX) is currently selling at $0.06492. It has a 24-hour trading volume of $432,922,138 USD. Over the last 24 hours, Tron is down by 2.86%. It is placed at #16 on CoinMarketCap with a live market cap of $5,898,139,894 USD.