Binance.US, the United States division of the popular cryptocurrency exchange Binance, has announced its decision to delist Tron (TRX) from its platform. This comes as Tron suffers a 5% decline in value, dropping from $0.066 to $0.062 within a day.
In an official statement, Binance.US cited regulatory standing in the United States and evidence of unethical/fraudulent conduct or negligence as contributing factors to its decision to delist the Justin Sun-linked token. The exchange added that it conducts a more in-depth review of a digital asset when it no longer meets its high standards or when industry circumstances change.
The announcement dragged TRX to a low of $0.062, a level was last seen in March. Although the token has recovered to a press time price of $0.064, the broader market slump and fear, uncertainty, and doubt (FUD) in the Tron ecosystem have hindered any significant bounce back. BTT, another ecosystem token, also lost over 20% of its gains since February.
Binance.US’ decision to delist Tron comes after the United States Securities and Exchange Commission (SEC) sued Justin Sun on allegations of selling and airdropping unregistered securities, fraud, and market manipulation via his TRX and BTT tokens. The SEC also charged the Tron Foundation, the BitTorrent Foundation, and BitTorrent with fraud and market manipulation for creating an extensive “wash trading” scheme that manipulated the trading volume of TRX.
The Tron founder has also lost his ambassadorship to the World Trade Organization (WTO) and faced arrest rumors. While Sun managed to put the arrest rumors to rest, the series of negative developments has aided in the decline of his tokens.
