TRON’s Future in Question as Binance US Drops Support for TRX

• The US affiliate of Binance has just announced that it will delist the native token of Tron Network (TRX) on April 18, 2023.
• Binance’s announcement to delist the token came shortly after unverified reports surfaced regarding the potential arrest of Justin Sun, the Tron founder.

Binance to Delist TRX, Spell Tokens

Binance.US, the United States arm of the leading cryptocurrency exchange Binance, announced that it will delist the TRX and SPELL tokens on April 18. The decision was made after a periodic review of the tokens, which found that they posed risks and did not meet the exchange’s high standards.

TRX is the native token of the Tron Network, which was founded by Justin Sun. Sun is a controversial figure who has been accused of making false promises and misleading investors. In March, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Sun and three of his companies, alleging that they violated securities laws by selling unregistered securities.

SPELL is the token of the Abracadabra.money DeFi platform. The platform allows users to mint synthetic assets, which are tokens that track the price of other assets. However, Abracadabra.money has been criticized for its complex and risky mechanics.

The delisting of TRX and SPELL tokens is a significant development for the cryptocurrency industry. It shows that Binance is taking a proactive approach to risk management and is not afraid to delist tokens that it believes pose a risk to its users. The delisting is also likely to have a negative impact on the price of TRX and SPELL tokens.

Justin Sun Denies Arrest

In a separate development, Justin Sun denied reports that he had been arrested. The reports surfaced shortly after Binance’s announcement to delist TRX. Sun tweeted that the reports were “FUD” (fear, uncertainty, and doubt), and that he was “fine.”

It is unclear why the reports of Sun’s arrest surfaced. However, it is possible that they were motivated by a desire to damage Sun’s reputation and the reputation of Tron.

The delisting of TRX and SPELL tokens and the reports of Sun’s arrest are a reminder of the risks associated with cryptocurrencies. Investors should carefully research any token before investing, and should be aware of the potential for volatility and fraud.