Crypto exchange Binance said it would end support for Tron Network-based USD Coin (USDC) stablecoins by April 5, according to a March 25 statement, following recent news. Circle is completely withdrawing from the Tron blockchain.
Consequently, Binance users have less than two weeks to withdraw or convert their assets to USDC on alternative networks. Notably, transactions involving USDC over other supported networks such as Ethereum remain unaffected.
Amid these developments, the Philippine Securities and Exchange Commission (SEC) will reportedly block its citizens’ access to Binance within the next three months as the crypto trading platform is not registered in the country.
Why Binance ended support for Tron-based USDC
Last month, Circle abruptly announced it was ending support for the Tron-based USDC as part of “an enterprise-wide approach” involving several departments, including business organization and compliance.
In response, Tron Network founder Justin Sun respected the company’s decision, adding that its blockchain network shares a decentralized structure similar to Bitcoin and Ethereum.
Notably, Circle had withdrawn from Sun last year after reports from prominent international bodies such as the United Nations raised concerns about the blockchain’s alleged involvement in illicit financial activities.
USDC is the second largest stablecoin by market capitalization and has rapidly grown its circulating supply since the start of the year. Blockchain data shows $172 million in USDC on the Tron blockchain.
Philippines to block Binance
The Philippine SEC reportedly said:
“The Securities and Exchange Commission (SEC) is warning the public against using online cryptocurrency exchange Binance as it considers blocking the platform in the Philippines to protect the public from unregistered investment products.”
The financial regulator further urged tech giants Google and Meta to stop Binance-related advertising targeting Filipino users on their platforms.
Last year, the Philippine SEC issued a cautionary advisory against the crypto trading platform, citing its unregistered operations in the Asian country.
Meanwhile, this ban marks the latest regulatory setback for Binance as it faces increased scrutiny in several jurisdictions, including the United States and Nigeria.
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