An unexpected delist move came from Bitcoin exchange Binance US. It has been announced that the TRX token linked to Justin Sun's Tron crypto platform will be delisted from April 18.
Bitcoin Exchange Binance.US Will Delist Spell (SPELL) and TRON (TRX) on April 18, 2023
In a tweet today, Binance US announced that TRX and another coin, Spell, will be delisted after a review to ensure existing tokens "meet the standard of excellence we expect".
At #BinanceUS, we periodically review each digital asset listed to ensure that it continues to meet the standard of excellence we expect.
Based on our recent review, Spell (SPELL) & TRON (TRX) will be delisted from the platform on April 18, 2023.
— Binance.US Customer Support (@BinanceUShelp) April 12, 2023
TRX fell as much as 13.7%. Binance US said that TRX staking will be disabled on April 13.
In March, the US Securities and Exchange Commission sued Sun for alleged breaches of securities rules, accusing him of violating anti-fraud and market manipulation regulations.
Tron's native coin TRX is at the center of the allegations. Sun said in a tweet at the time that the case was "lack of merit".
At Binance.US, we periodically review each digital asset we list to ensure it continues to meet the standard of excellence we expect.
We operate in a rapidly evolving industry and our digital asset monitoring process is designed to be sensitive to market and regulatory developments.
When a digital asset no longer meets our high standards or industry conditions change, we conduct a deeper review of the affected asset and assess whether further action is necessary (for example, delisting).
At the time of this writing, TRX was trading at $ 0.06366.
*Not investment advice.