- Binance will end support for Tron-based USDC stablecoins by April 5 following Circle’s decision to stop supporting USDC on Tron
- Circle disassociated from Tron last year due to concerns about Tron’s alleged illicit activities; currently there is $172 million worth of USDC on Tron
- The Philippines SEC will block citizens from accessing Binance within 3 months as the crypto exchange is unregistered; this marks the latest regulatory trouble for Binance
Binance, one of the world’s largest cryptocurrency exchanges, announced it will end support for Tron network-based USD Coin (USDC) stablecoins by April 5. This comes after Circle, the issuer of USDC, said it will stop supporting USDC on the Tron blockchain entirely.
Background on USDC Support Removal
Last month, Circle announced it will no longer support Tron-based USDC as part of a shift involving various departments including business, organization and compliance. In response, Tron founder Justin Sun said he respects Circle’s decision, noting Tron shares a decentralized structure similar to Bitcoin and Ethereum.
Circle disassociated itself from Sun last year following reports from groups like the United Nations that raised concerns about Tron’s alleged involvement in illicit activities. USDC is the second largest stablecoin and has grown its supply rapidly in 2022. Currently, there is $172 million worth of USDC on Tron.
The Philippines Moves to Block Binance
The Philippines Securities and Exchange Commission (SEC) said it will block its citizens from accessing Binance within the next three months because the crypto exchange is unregistered in the country.
The regulator urged Google and Meta to cease Binance-related advertising targeting Filipinos. Last year, the Philippines SEC cautioned against using Binance due to its unlicensed operations.
This blockade marks the latest regulatory trouble for Binance as it faces heightened scrutiny in places like the U.S. and Nigeria.
