Cryptocurrency exchange Binance has announced the suspension of USDC deposits and withdrawals on the Tron network. The platform cited a decision by the company Circle as the reason behind this move.
According to the official statement, the new rules will take effect on April 5 at 02:00 UTC. Binance emphasized that these changes will not affect USDC transfers on other networks.
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
Users will still be able to withdraw their funds or exchange them for other cryptocurrencies. However, after the specified deadline, USDC deposits made via the TRON network will not be credited.
On February 21, Circle has announced it will stop supporting USD Coin on the Tron blockchain to ensure USDC’s reliability and safety. The cessation of USDC minting on Tron is effective immediately, with a gradual phase-out until February 2025.
Circle encouraged users to move their Tron-based USDC to supported exchanges, citing ongoing blockchain evaluations as part of their risk management. This decision follows Circle’s public listing plans and past refutations of working with Tron’s founder amidst allegations and a lawsuit against Tron and its founder by the SEC. The company did not provide any explanation for its decision.
Some other exchanges have also imposed restrictions on USDC deposits and withdrawals on Tron. For example, the Kraken platform still allows users to deposit stablecoins through this network but does not permit withdrawals.
