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Binance.US Drops SPELL and TRX on its Trading Platform

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On April 12th, Binance. US announced on Twitter that it will take off Spell (SPELL) and TRON (TRX) on April 18th, 2023. SPELL and TRX deposits on Binance. US will be closed at 19:0

Binance.US Drops SPELL and TRX on its Trading Platform

On April 12th, Binance. US announced on Twitter that it will take off Spell (SPELL) and TRON (TRX) on April 18th, 2023. SPELL and TRX deposits on Binance. US will be closed at 19:00 PDT on April 17th (10:00 Beijing time on April 18th). SPELL or TRX deposits after this time will not be credited to the account. SPELL and TRX withdrawals will remain open.

Binance. US to remove SPELL and TRX

On April 12th, 2021, Binance.US, one of the largest cryptocurrency exchanges in the world, announced on Twitter that it will be removing two coins, Spell (SPELL) and TRON (TRX) from its platform. The coins are set to be delisted on April 18th, 2021. This decision has left many investors and crypto enthusiasts wondering why these coins were singled out for removal and how this will affect their investments.

Why was SPELL and TRX singled out?

One of the key reasons why Binance.US decided to delist SPELL and TRX could be linked to their declining market performance. The two coins have been experiencing lackluster trading volumes and price slumps for a considerable period. Consequently, this raises concerns regarding their susceptibility to market manipulation and volatility.
Besides, the coins have been marked for noncompliance with Binance. US’s listing criteria. Essentially, this means that the coins do not meet the minimum requirements for continued listing on the platform. Binance.US is known for its strict listing requirements, and as such, it only lists reputable and promising cryptocurrencies.

Implications for investors

This sudden decision by Binance.US to delist SPELL and TRX could have severe implications for investors who have invested in these coins. Investors who are holding SPELL and TRX coins in their Binance.US accounts need to withdraw them before the set deadline of 19:00 PM PDT on April 17th. Failure to do so would mean that the withdrawals will be credited to the accounts.
Additionally, the coins may experience a significant decline in value due to the lack of trading support from the Binance.US platform. Such a decline could lead to significant losses for the investors.

Moving Forward

It is essential to note that Spell and TRX withdrawals will still be allowed even after they have been delisted from the Binance.US platform. However, investors will need to move fast and withdraw their investments before the withdrawal deadline.
From a broader perspective, this move by Binance.US is part of a broader trend where exchanges are stepping up their measures to ensure that only reputable cryptocurrencies are being traded on their platforms. Such moves will contribute to the overall transparency and credibility of the cryptocurrency market.

Conclusion

In conclusion, the decision by Binance.US to remove SPELL and TRX coins from their platform is expected to be a significant blow to investors holding these coins. The delisting is a consequence of their non-compliance with the Binance.US listing criteria and their inadequate market performance. Investors who want to withdraw their Spell and TRX investments need to do so before the set deadline.

FAQs

1. What are the implications for Binance.US customers who have invested in SPELL and TRX?
Binance.US customers holding SPELL and TRX coins in their accounts need to withdraw them before 19:00 PM PDT on April 17th, 2021. Failure to do so will mean that the withdrawals will not be credited to their accounts.
2. What was the reason behind Binance.US’s decision to remove SPELL and TRX coins from their platform?
The decision by Binance.US to delist SPELL and TRX coins was primarily due to their declining market performance and non-compliance with Binance.US’s listing criteria.
3. Are SPELL and TRX still tradeable on other cryptocurrency exchanges?
Yes, SPELL and TRX are still tradeable on other cryptocurrency exchanges. Investors who have been affected by the delisting can consider moving their investments to other exchanges that support these coins.

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