TRX falls 5% in 24 hours following Binance.US delisting announcement TRX falls 5% in 24 hours following Binance.US delisting announcement
Binance.US announced delisting Spell and TRON seven hours ago due to a number of factors — including fraudulent conduct.
2 min read
Updated: Apr. 12, 2023 at 9:42 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
According to CryptoSlate data, TRON (TRX) price recorded a 4.81% fall in the last 24 hours after Binance.US announced it’s delisting TRX and Spell (SPELL) on April 12.
Binance.US stated that the tokens would be delisted on April 18, as the announcement said.
The delisting
The Binance.US announcement stated that the exchange is performing in a rapidly changing regulatory environment — which is why it conducts reviews based on a number of aspects.
According to the announcement, some factors that played a role in the delisting decision included tokens’ risk profile, networks’ resistance to internal and external attacks, smart contract stability, and evidence of unethical/fraudulent conduct or negligence.
The exchange will suspend TRX staking on April 13 at 4 am PDT — while SPELL and TRX deposits will be canceled on April 17 at 7 pm PDT. However, withdrawals for both assets will remain open even after the delisting is completed on April 18.
TRX Price
The TRX price responded to this news by recording a sharp decline from $0.0666 to as low as $0.0632 within a few hours.
At the time of writing, TRX is being traded for around $0.0642 — indicating a 0.07% increase in the last hour, according to CryptoSlate data. TRX’s 7-day change reflects a 3.82% fall, while its 30-day status shows a -4.51% decline in price levels. However, the token’s current price levels still mark a 6.02% increase from a year ago.
SPELL Price
SPELL’s price also moved almost identically to TRX’s. CryptoSlate data shows that SPELL recorded a 4.65% decline in the last 24 hours. Due to the delisting news, the price fell from $0.007953 to as low as $0.007510.
The token’s current price sits at around $0.0007633 — marking a -6.32% decline in the last seven days. However, it also reflects a 6.6% increase over the previous 30 days.
Mentioned in this article
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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TRON is one of the largest blockchain-based operating systems.
Spell Token
$0.00078
Spell Token (SPELL) is a reward token associated with abracadabra.money, a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD-pegged stablecoin called Magic Internet Money (MIM).
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
