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Binance ends Tron USDC support as it faces blockade in the Philippines
Regulatory pressures mount as Binance phases out Tron network's USDC for users.
2 min read
Updated: Mar. 25, 2024 at 1:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance said it would end support for Tron network-based USD Coin (USDC) stablecoins by April 5, according to a March 25 statement, following recent news Circle is pulling out of the Tron blockchain entirely.
Consequently, Binance users have less than two weeks to withdraw their assets or convert them to USDC on alternative networks. Notably, transactions involving USDC via other supported networks like Ethereum remain unaffected.
Amid these developments, the Philippines’ Securities and Exchange Commission (SEC) will reportedly block its citizen access to Binance within the next three months because the crypto trading platform is unregistered in the country.
Why Binance ended support for Tron-based USDC
Last month, Circle abruptly announced that it ended support for Tron-based USDC as part of “an enterprise-wide approach” involving various departments, including business organization and compliance.
In response, Tron network’s founder, Justin Sun, respected the company’s decision, adding that his blockchain network shares a decentralized structure akin to Bitcoin and Ethereum.
Notably, Circle had disassociated from Sun last year after reports from prominent international bodies like the United Nations raised concerns about the blockchain’s alleged involvement in illicit financial activities.
USDC is the second-largest stablecoin by market capitalization and has grown its circulating supply rapidly since the beginning of the year. Blockchain data shows $172 million worth of USDC on the Tron blockchain.
Philippines to block Binance
The Philippines SEC reportedly said:
“The Securities and Exchange Commission (SEC) is warning the public against using online cryptocurrency exchange Binance, as it moves to have the platform blocked in the Philippines to safeguard the public from unregistered investment products.”
The financial regulator further urged tech giants Google and Meta to cease Binance-related advertising targeting Filipino users on their platforms.
Last year, the Philippines SEC issued a cautionary advisory against the crypto trading platform, citing its unregistered operations in the Asian country.
Meanwhile, this prohibition marks the latest regulatory setback for Binance, as it contends with heightened scrutiny across various jurisdictions, including the United States and Nigeria.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
TRON is one of the largest blockchain-based operating systems.
USD Coin
$1.00008
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.