TRX suffers after Binance announced delisting amid Sun’s legal troubles

ambcrypto.com:

The Tron network stood at the brink of a rude awakening after Binance revealed that TRX would be among the cryptocurrencies to be delisted from the exchange. The announcement had a negative impact on TRX demand based on the market’s reaction.

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The U.S division of Binance made the announcement as part of its latest review. Investors should note that the delisting will only affect TRX’s availability on Binance U.S.

In other words, it will remain accessible via the international version. The delisting means Binance users in the U.S will no longer be able to trade, deposit, withdraw or stake TRX. However, the official delisting will take place on 18 April.

— Wu Blockchain (@WuBlockchain) April 12, 2023

Binance did not reveal the exact reason for delisting TRX. However, it listed a few possible reasons for which it delists assets. They include changes in a digital asset’s risk profile, unethical or fraudulent and regulatory issues among others. Interestingly, Tron’s CEO Justin Sun was reportedly arrested recently following fraud investigations by the SEC.

A look at TRX’s price action in the last 24 hours revealed that the delisting made a clear impact. For instance, TRX fell by as much as 8% from its 7-day peak $0.0679 to $0.0621, the lowest price point in the last 24 hours at press time. A drastic departure from the previously bullish performance observed in the last 2 weeks.

Source: TradingView

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