Binance US Announces Delisting of SPELL and TRX TRX Price Plummets by 20% in Minutes

Binance.US, one of the leading cryptocurrency exchanges in the United States, has announced that it will delist two cryptocurrencies from its platform on April 18, 2023. The affected cryptocurrencies are Spell (SPELL) and TRON (TRX).

Following the news, the price of TRX plummeted by approximately 20% in just a few minutes, dropping from $0.66 to $0.56 before rebounding to $0.63 at the time of writing. Meanwhile, the price of SPELL decreased by over 5% in the last 24 hours.

TRX/USD 15 minutes-chart on Binance US | Source: TradingView

The decision to delist these tokens was made after Binance.US conducted a periodic review of each digital asset listed on its platform. The exchange considers various factors during the review process, including changes in the token’s risk profile, regulatory standing, trading volume and liquidity, network stability, and community engagement, among others.

In a statement, Binance.US emphasized its commitment to maintaining a high standard of excellence and contributing to a healthy and sustainable crypto ecosystem. The exchange operates in a rapidly evolving industry and is responsive to market and regulatory developments.

Deposits for SPELL and TRX on Binance.US will be closed on April 17, 2023, at 7 p.m. PDT / 10 p.m. EDT. Deposits made after this time will not be credited to users’ accounts. However, withdrawals for both tokens will remain open.

Additionally, the exchange will remove buy, sell, convert, and OTC functionality for these tokens one hour after deposits close. Staking for TRX will be disabled on April 13, 2023, and removed from the staking page on April 14, 2023. Users with staked TRX will receive their rewards and staked tokens on April 14, 2023.

Finally, trading for SPELL and TRX on Binance.US will be closed on April 18, 2023, at 8 p.m. PDT / 11 p.m. EDT. The TRX/USD, TRX/USDT, TRX/BTC, SPELL/USD, and SPELL/USDT trading pairs will be removed. All Advanced Trade orders will be automatically removed after trading ceases for each respective trading pair.

Binance.US will continue to support TRC-20 USDT and USDC issued on the TRON network. The exchange has urged users to withdraw their SPELL and TRX tokens from the platform before the delisting deadline to avoid any potential issues.

This delisting decision by Binance.US will likely have an impact on the value and liquidity of SPELL and TRX tokens. It also underscores the importance of maintaining high standards in the cryptocurrency industry, as exchanges strive to provide a secure and reliable platform for their users.

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