Binance announces halt of USDC support on Tron network

Cryptocurrency exchange Binance said on Monday it will end support for deposits and withdrawals via the Tron blockchain network for a digital stablecoin pegged to the U.S. dollar.

Last month, Boston-based crypto firm Circle said it would no longer mint USDC tokens on Tron, a fast-growing platform widely used for transferring stablecoins.

Stablecoins are digital tokens designed to keep a constant value and are backed by traditional currencies.

Users can continue trading USDC on Binance, while deposits and withdrawals of USDC via other supported networks will not be impacted, Binance said in a blog post.

Tron did not immediately respond to a Reuters request for comment.

The cryptocurrency exchange said it will end support for the stablecoin via the Tron blockchain starting April 5 at 2 UTC.

Tron founder Justin Sun, a prominent crypto entrepreneur, was sued last year by the U.S. Securities and Exchange Commission for allegedly artificially inflating trading volumes and selling Tron tokens as an unregistered security. 

Source: Reuters