Crypto exchange OKX has announced that it plans to delist Tron (TRX) futures contracts on September 30 due to ‘current market trends and user needs.’
The exchange wrote:
Considering the current market trends and user needs, we’re planning to gradually discontinue the generation of TRX USDT-Margined and Crypto-Margined futures contracts, and will officially delist TRX futures contracts at 08:00 am UTC on September 30, 2023. This delisting will affect web, app and API users.
OKX further provided the following timeline affecting its TRX futures contracts.
- Bi-weekly futures contracts will no longer be available from April 14, 2023.
- Bi-quarterly futures contracts will no longer be available from June 16, 2023.
- The futures contracts that have already been listed will not be affected.
Tron’s Founder and Former CEO, Justin Sun, is Facing SEC Charges
OKX announcing it will delist Tron futures contracts comes two weeks after the US Securities and Exchange Commission announced that it was charging Justin Sun with fraud and other securities law violations.
In particular, the SEC accused Justin Sun of selling unregistered securities and manipulating the price of TRX through wash-trading.
The SEC charges stated:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.The Securities and Exchange Commission today announced charges against crypto asset entrepreneur Justin Sun and three of his wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent), for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT).
The SEC also charged Sun and his companies with fraudulently manipulating the secondary market for TRX through extensive wash trading, which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership, and for orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation.