​TRX rate drops by 5% after reports of the coin’s delisting from Binance.US

What’s new? On April 18, the US arm of crypto exchange Binance will delist SPELL and TRX tokens. The latter is the native asset of the TRON blockchain of Justin Sun, whom the US Securities and Exchange Commission (SEC) previouslyaccused of market manipulation. According to the blog, Binance.US periodically reviews each digital asset to ensure that it meets quality standards. Specific reasons for delisting the tokens are not specified, however. TRX reacted to the news with a 5% drop and SPELL with a 4,77% drop.

Information on the Binance.US website

What else did Binance.US report? The exchange considers the following factors when reviewing assets for compliance:

• Changes in a token’s risk profile;
• Contribution to a healthy and sustainable crypto ecosystem;
• Trading volumes and liquidity;
• Regulatory status in the US;
• Level and quality of development activity;
• Stability and safety of the network from external or internal attacks;
• Network / smart contract stability;
• Community involvement;
• Evidence of unethical/fraudulent conduct or negligence.

According to the announcement, deposits for SPELL and TRX on Binance.US will be closed on April 17, with withdrawals for tokens remaining open. Buy, sell, convert and over-the-counter (OTC) trading functions will be removed one hour after deposits close. TRX staking will be disabled on April 13 and SPELL and TRX trading will be disabled on April 18. Binance.US clarified that it will continue to support USDT and USDC stablecoins on the TRON network.

As of April 12, 08:15 UTC, TRX is trading at $0,06411 and SPELL is trading at $0,0007608.

SPELL is the native token of Abracadabra, a multichain protocol for cryptocurrency lending, which allows issuing a dollar-pegged Magic Internet Money (MIM) stablecoin against collateral. SPELL is used for staking, liquid mining, and project governance.

What is going on with TRON’s CEO? On March 22, the SEC sued Sun and related companies, accusing him of issuing and selling unregistered securities of crypto assets TRX and BTT, fraud, and market manipulation. Days later, the businessman said the lawsuit had minimal impact on his projects.

Rumors later surfaced that Sun had been stripped of his Grenada diplomatic status, but he denied the information, saying he was still the country’s permanent representative to the WTO.

In April, Sun denied rumors that he was looking for a buyer for his stake in the cryptocurrency exchange Huobi. The entrepreneur spent more than $1 billion to buy it last year. The same month, journalists reported that Binance rejected Sun’s offer to buy Huobi, but the businessman also said the information was untrue.