TRX, the TRON network’s native asset, has taken a beating following the announcement that Binance US will no longer support it.
Binance, the world’s largest cryptocurrency exchange, stated on April 12 that it would be delisting the TRON TRX token.
This, however, will only affect the token offering on Binance’s US branch, not Binance.com worldwide.
Binance US claimed that it had conducted an investigation that resulted in the decision to delist.
The decision comes after the Securities and Exchange Commission charged TRON founder Justin Sun with unregistered securities sales in March.
The complaint also named the BitTorrent Foundation and Rainberry Inc. in addition to the TRON Foundation
It was reported that TRX deposits on Binance.US would be closed on April 17, 2023, at 19:00 PDT. It also stated that buy, sell, convert, and OTC capabilities will be withdrawn one hour after deposits closed.
TRX staking will similarly be disabled on April 13 and removed from the staking website the following day.
The company added, “We will continue to support TRC-20 USDT and USDC issued on the TRON network.”
TRON’s native TRX token has dropped 8% in the last several hours. TRX dropped from an intraday high of $0.067 to a low of $0.063 about two hours ago.
