The native token for the TRON network, TRX, has taken a beating on the news that Binance US will no longer support it.
On April 12, the world’s largest crypto exchange Binance announced that it will be delisting the Tron TRX token. TRX will only be delisted from its U.S. exchange, however, not Binance.com global.
Binance US stated that it had conducted a review which led to the decision to delist.
“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 (i.e. delisting).”
The move comes after the Securities and Exchange Commission sued Tron founder Justin Sun in March for unregistered securities offerings
The company also stated that it would be delisting SPELL, the native token of the Abracadabra Money ecosystem.
Tron TRX Price Slumps
The Tron native token has slumped 8% over the past couple of hours. TRX fell from an intraday high of $0.067 to bottom out at $0.063 around two hours ago.
At the time of publication, TRX had not recovered and was around the same level. Furthermore, TRX has fallen 72.5% from its January 2018 all-time high of $0.231.
This is a developing story and will be updated. We will update as the situation develops.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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