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Binance.US’s plan to delist the Tron token next week won’t impact its market, Tron founder Justin Sun told The Block.

“I want to point out it is a relatively small impact on the TRX market since Binance.US trading volume is less than $2 million per day,” Sun said, adding: “TRX’s current total trading volume is about $400 million per day.” 

Binance.US announced late Monday that it will delist TRX on April 18 following a review to ensure that available tokens “meet the standard of excellence we expect.” The exchange did not provide a specific reason for delisting but said various factors lead to such decisions, including trading volume, liquidity and regulatory standing in the United States.

Last month, the U.S. Securities and Exchange Commission sued Tron and Sun for offering and selling two unregistered crypto tokens — TRX and BitTorrent’s BTT. The regulator also alleged that they manipulated the prices of TRX between April 2018 and February 2019. Sun, at the time, tweeted that the suit “lacks merit.”

‘Actively in communication’

While TRX’s delisting on Binance.US may not impact the coin’s market, Tron is still “actively in communication” with the exchange “to understand the reason for delisting and see how we can relist it,” Sun said.

TRX has one of the highest volumes on Binance, the world’s largest crypto exchange. It is unclear whether Binance will follow the move by its American affiliate. “We don’t have an update to share,” a Binance spokesperson said, noting: “Binance.US is operated separately.”

TRX is down 5% on the day on the Binance.US news. The coin, the sixteenth largest by market capitalization, is currently trading at $0.063860, according to data from CoinGecko.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

FTX’s sister company Alameda Research had previously acquired Ren to provide long-term funding before shutting down.

The blockchain’s likely inability to increase throughput in the short term and increasing competition from alternative networks will constrain its adoption and usage, the report said.

SushiSwap has provided an update on the weekend’s exploit and a plan to refund affected users.

The decentralized exchange explained funds were either swept by whitehat security teams or lost to blackhat hackers. 

Funds residing in the white hat contract will be claimable via a Merkle Claim contract that the SushiSwap team is currently building. “We’ve completed most of this work and it will go live soon,” the DEX noted on Twitter.

Recovering funds stolen by bad actors will be more complicated. Users whose funds reside with the blackhat exploiter must send an email to security@sushi.com that includes transaction IDs and blockchain data. (Alternatively, they may open a ticker in SushiSwap’s official discord.)

The Sushi team is establishing an opt-in claims process and will manage claims on a case-by-case basis, it explains.” Our goal is to return all user funds to legitimate claimants,” Sushi wrote, adding: “We appreciate everyone’s patience and understand your frustration as we work through returning funds to affected users.”

On April 9, SushiSwap fell victim to an exploit that involved an approve-related bug on its RouterProcessor2 contract.

After on-chain sleuths noticed the problem, the DEX’s proverbial “Head Chef,” Jared Grey, recommended revoking the contract’s permissions on all associated blockchains.

Users can check if they were affected or not, but Sushi notes that “you likely have no exposure if you haven’t interacted with Sushi in the past ten days, as the exploited contract is less than ten days old.”

Meanwhile, SushiSwap has other problems to contend with. The U.S. Securities and Exchange Commission recently served the decentralized exchange and Grey with a subpoena, provoking the latter into asking Sushi DAO to fund a $3 million USDT  legal defense.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Group of Seven (G-7) advanced nations will prioritize considering how it can better help developing countries introduce their central bank digital currencies (CBDCs).

Traders are likely taking profits ahead of Wednesday’s CPI report and Ethereum’s Shapella upgrade.

If DeFi activity falls within the scope of the Securities and Futures Ordinance, it will be subject to the same regulatory requirements as traditional financial activity, says SFC official.

Binance.US says a variety of factors can lead to de-listing, including regulatory standing in the United States and unethical behavior.

ALSO: Crypto exchange Bitget’s $100 million fund targeting Web3 comes as Hong Kong eases crypto regulations and a number of East Asian countries have been promoting crypto.

Metalpha’s Hong Kong-licensed fund will give investors exposure to Grayscale’s products, but also allow for withdrawals which is something currently missing for U.S. investors.