Breaking News: Binance US Will Delist TRON (TRX) and Spell (SPELL)

Key Points:

• Binance US suddenly announced it would delist 2 tokens, Spell (SPELL) & TRON (TRX), on April 18, 2023.
• Withdrawals for SPELL and TRX will remain open. Buy, Sell & Convert, and OTC functionality will be removed one hour after the deposit is closed. Staking TRON (TRX) will also be disabled on April 13.
• The alleged hedging action of TRON founder Justin Sun was sued by the US SEC in March.

Today, Binance US suddenly announced that it would delist two famous tokens, TRON (TRX) and Spell (SPELL), in the context of the TRON founder being caught in a lawsuit with the US SEC.

Based on the factors and conducting its assessment, Binance US decided to delist Spell (SPELL) & TRON (TRX). Staking TRON (TRX) will also be disabled on April 13.

According to the announcement, deposits for SPELL and TRX on Binance.US will close on April 17, 2023, at 7 pm PDT / 10 pm EDT. Deposits to SPELL or TRX after this time will not be credited to your account, and withdrawals for SPELL and TRX will remain open.
Buy, Sell & Convert, and OTC functionality will be removed one hour after the deposit is closed.

Bets for TRX will be disabled on April 13, 2023, at 4 am PDT / 7 am EDT and removed from the staking page on April 14, 2023, at 5 pm PDT / 8 pm EDT. If you have staked TRX, your TRX will not be staked for you and sent back to your wallet. You will receive your TRX staking reward and TRX staking on April 14, 2023, at 8 pm PDT / 11 pm EDT.

SPELL and TRX trading on Binance.US will close on April 18, 2023, at 8 pm PDT / 11 pm EDT, and trading pairs TRX/USD, TRX/USDT, TRX/BTC, SPELL/USD, and SPELL/USDT will close removed. All Advanced Trading orders will be automatically deleted after stopping trading for each respective trading pair.

The delisting comes after a significant event on the morning of March 23, when TRON founder Justin Sun made his first statement after being sued by the SEC, alleging that TRX and BTT are securities and act as securities market manipulation. Faced with accusations, Justin Sun said it did not affect TRON’s business activities.

Mr. Sun said that the SEC’s targeting of TRON is just a continuation of a string of recent regulatory actions imposed against many other institutions in the crypto industry. TRON said it would be willing to work with authorities and regulators to develop transparent supervisory regulations for the crypto industry, noting that by the end of 2022, the island nation Dominica has recognized TRX and BTT as legal platform payment methods.

Immediately following the news, the 2 tokens saw a sharp drop.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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