Binance.US to delist digital asset tokens Tron, Spell
THE US arm of cryptocurrency exchange Binance said it will remove digital asset tokens Tron and Spell from its trading platform, sending the prices of both down sharply on Wednesday (Apr 12).
Binance.US said the move was the result of a periodic review and that factors it regularly considers can include the trading volume and liquidity, changes in a token’s risk profile or evidence of fraud or unethical conduct, among others.
The Tron token fell nearly 5 per cent against the US dollar after the announcement, which was posted on Twitter and the Binance.US website, while the much smaller Spell token fell more than 5 per cent, based on data from CoinMarketCap.
The two tokens will be de-listed on Apr 18, Binance.US said. Withdrawals of both will remain open, but trading and deposits will close.
Justin Sun, the founder of the Tron token, told Reuters in a text message that the impact would be “relatively small”.
“Binance.US trading volume is less than US$1 million per day. TRX’s current trading volume is US$400 million,” said Sun, using the token’s ticker symbol. Sun was accused of fraud by the US Securities and Exchange Commission (SEC) last month.
Sun has previously said the SEC’s “complaint lacks merit”, and that the SEC’s framework for regulating digital assets “is still in its infancy and is in need of further development”.
Reuters was not immediately able to contact Spell representatives. REUTERS
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