Cryptocurrencies, blockchain, NFT and new trends

Justin Sun says TRX delisting on Binance.US won’t impact its market

Companies • April 12, 2023, 3:14AM EDT

Quick Take

  • Tron founder Justin Sun doesn’t see TRX delisting on Binance.US impacting its market.
  • Binance said it would delist TRX on April 18.

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Binance.US’s plan to delist the Tron token next week won’t impact its market, Tron founder Justin Sun told The Block.

“I want to point out it is a relatively small impact on the TRX market since Binance.US trading volume is less than $2 million per day,” Sun said, adding: “TRX’s current total trading volume is about $400 million per day.” 

Binance.US announced late Monday that it will delist TRX on April 18 following a review to ensure that available tokens “meet the standard of excellence we expect.” The exchange did not provide a specific reason for delisting but said various factors lead to such decisions, including trading volume, liquidity and regulatory standing in the United States.

Last month, the U.S. Securities and Exchange Commission sued Tron and Sun for offering and selling two unregistered crypto tokens — TRX and BitTorrent’s BTT. The regulator also alleged that they manipulated the prices of TRX between April 2018 and February 2019. Sun, at the time, tweeted that the suit “lacks merit.”

Tron remains ‘actively in communication’

While TRX’s delisting on Binance.US may not impact the coin’s market, Tron is still “actively in communication” with the exchange “to understand the reason for delisting and see how we can relist it,” Sun said.

TRX has one of the highest volumes on Binance, the world’s largest crypto exchange. It is unclear whether Binance will follow the move by its American affiliate. “We don’t have an update to share,” a Binance spokesperson said, noting: “Binance.US is operated separately.”

TradingView chart showing the drop in TRX's price following the announcement that it would be delisted by Binance.US.

The price of TRX dropped after Binance announced it would delist the coin. Source: TradingView

TRX is down 5% on the day on the Binance.US news. The coin, the sixteenth largest by market capitalization, is currently trading at $0.063860, according to data from CoinGecko.