Binance to Discontinue Support for USDC Stablecoin on Justin Sun’s Tron
Binance will no longer facilitate deposits and withdrawals of the USD-pegged stablecoin USDC using the Tron blockchain network.
In a Monday press release , the crypto exchange announced its decision to cease support for Tron’s TRC-20-based USDC deposits and withdrawals from April 5.
The platform gave investors 12 days to convert, transfer, or cash out their TRC-20 USDC tokens from Binance.
Binance clarified that users would still be able to trade USDC on their platform.
Additionally, deposits and withdrawals of USDC through other supported networks would remain unaffected.
Binance’s move to drop support for USDC on Tron comes as Boston-based crypto firm Circle made a similar decision to halt the creation of USDC tokens on the Tron blockchain.
Following Circle’s discontinuation of USDC support on the Tron network (TRC20), Binance will cease support for USDC deposits and withdrawals via TRC20 starting from 5 April 2024, 02:00 am UTC.
Users may continue trading USDC on Binance. Deposits and withdrawals of USDC via other…
— Binance (@binance) March 25, 2024
Circle cited the need to ensure the transparency, trustworthiness, and safety of USDC as the reason behind their move.
“Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance and other functions across our company,” the company said on X.
Tron, founded by prominent crypto entrepreneur Justin Sun, has not yet responded to Reuters’ request for comment regarding Binance’s decision.
Last year, Sun faced a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which accused him of artificially inflating trading volumes and selling Tron tokens as
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