Binance Ends Support for Tron-based USDC and Faces Blockade in the Philippines

Crypto exchange Binance announced that it will discontinue support for Tron network-based USD Coin (USDC) stablecoins by April 5, following Circle’s withdrawal from the Tron blockchain. Binance users have a limited time to withdraw their assets or convert them to USDC on alternative networks, with transactions on Ethereum unaffected.

Additionally, the Philippines’ Securities and Exchange Commission (SEC) plans to block access to Binance within three months due to the platform operating without registration in the country.

Reasons for Binance Ending Tron USDC Support

Circle’s recent decision to end support for Tron-based USDC was part of a strategic approach involving multiple departments, including compliance. Tron founder Justin Sun acknowledged the move and highlighted the decentralized nature of Tron akin to Bitcoin and Ethereum. The discontinuation follows reports of illicit financial activities involving Tron.

USDC, the second-largest stablecoin by market cap, has seen significant growth in supply this year, with $172 million in circulation on the Tron blockchain.

Philippines Regulatory Action Against Binance

The Philippines SEC issued a warning against Binance, aiming to block the platform in the country to prevent the public from engaging with unregistered investment products. The regulator also called on Google and Meta to stop advertising Binance to Filipino users. This action comes after a previous cautionary advisory from the Philippines SEC regarding Binance’s unregistered status in the country.

Binance faces increasing regulatory challenges across multiple jurisdictions, including the US and Nigeria, as it navigates heightened scrutiny and compliance requirements.

The original source of this article can be found on CryptoSlate.