The crypto industry in the US is trying to make adjustments to meet regulatory requirements on the back of increased pressure from authorities in the country.
Several crypto exchanges have already been banned from serving US clients, and American investors are concerned about the future of their investments.
In a bid to satisfy regulatory requirements, Binance has initiated a venture to create a US centric trading platform. The company’s original platform will no longer be available in the US, and this means that a number of altcoins which US investors worked with will also no longer be available to them.
Binance released a list of digital assets that they are evaluating for the US centric trading platform. The crypto community was surprised to see some big names, which they thought would make the cut without the need for evaluation, appear on the list.
Bitcoin, Ethereum and EOS are some of the major tokens which Binance is considering for its new marketplace.
The absence of Tron
The list released by Binance Exchange contains the names of over 30 tokens and crypto assets. One notable absence from the list is Justin Sun’s TRON, which many would have expected to make the evaluation list at least. However, the token has failed to make the list and TRON (TRX) wallet holders in the US have expressed concern over this absence.
If TRON does not appear on Binance’s new marketplace, it means that the token may not be available to US investors in the future. TRON is also not present on Coinbase which is the other exchange still in good books with American regulatory authorities.
TRON needs to get on one or both of these exchanges before it is possibly flagged by regulators and banned from the US.
Justin Sun responded to the concerns of the TRON community in the US saying that getting on these exchanges is their number 1 priority. The CEO says that a team has been dedicated to the matter, and he is personally involved in this team in a bid to get the token on Coinbase and the new Binance.
— Justin Sun (@justinsuntron) August 9, 2019
Cryptocurrency and US regulatory compliance
US regulators have been on high alert regarding cryptocurrency after Facebook announced its intentions to launch Libra. The authorities have placed tighter restrictions on cryptocurrency trading and there are a number of tokens which currently do not meet the requirements of US regulations.
Trading platforms such as Coinbase and Binance, which are still permitted to engage in business in the US, will want to make sure that they list coins which comply with US regulations otherwise they risk being banned themselves.
TRON has to find a way to meet these requirements and be included on the US exchanges if the cryptocurrency is to remain one of the leading cryptocurrencies on the market.