SEC aka Securities and Exchange Commission sued the tron founder Justin Sun and now there is another bad news for tron as Binance US has announced the delisting of the TRX coin. This news has resulted in a price drop for the tron coin and the price has gone down by almost 6%. SEC has been creating issues for many crypto companies in the US and now Justin Sun is the next one who is going through a tough time. In recent days, we have seen how SEC has targeted a few of the exchnages including Binance and now it seems they are behind the tron founder.
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The exchange has stated the date for delisting is 18th April and post this, there will be no option working for deposits or stakes and only withdrawal is going to stay open so that people can withdraw their funds. This is good that the exchnage is trying to make things available for people who might get to know this update later so they can withdraw. This is important and I appreciate that Binance always follows this practice. Coin listing or delisting is part of the crypto market but after all, people should not lose their holdings, and providing them enough time is appreciated.
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There are exchnages who hardly provide adequate time to withdraw and this is not a fair practice. You never know if Binance lists the coin back because its an ongoing process but exchanges are expected to manage the transition in an easy way so that there is no impact on people. Its difficult to say what US SEC is trying to do in crypto and seems like they are trying to create a strict atmosphere for crypto companies and projects that are based in the US. Its a good initiative as far as regulations are concerned but they also need to understand that this type of scenario can trigger a panic situation. We can not forget the XRP situation when everything started all of a sudden and even the case is ongoing. Most of US exchnages had delisted the coin after the SEC law suite but its almost normal in many other countries.
Coinbase has also been attacked by the SEC and this is another big exchange that operates in many countries. Let's see how things are unfolded for the tron community but at the end of the day, we would agree that fair practice has to be followed by crypto exchnages and even projects.
Thank You
I hope TRX doesn't take a big hit from it. The token was actually advancing.
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Ya. Its already listed in many exchanges.
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