Binance Drops TRC-20 USDC Support Following Circle

Binance, a leading cryptocurrency exchange, has declared that it will no longer support deposits and withdrawals of USD Coin (USDC) on the TRC20 network starting from April 5, 2024. This decision aligns with Circle's earlier step to cease USDC operations on the Tron network. Despite this change, Binance assures that USDC trading on its platform will continue without interruption, and users will have access to alternative channels for managing their USDC assets.

The exchange highlighted that other supported networks for USDC transactions, such as Ethereum, are not impacted by this change. Users have been given a notice period to make necessary arrangements for their USDC tokens currently utilizing the TRC20 network. This move is part of the broader adjustments within the crypto sector, where service providers regularly update the networks and protocols they support in response to market developments and regulatory dynamics.

This decision comes against the backdrop of the US Securities and Exchange Commission's (SEC) legal actions against Tron founder Justin Sun, which he has refuted. It is also part of a continuing trend of companies in the crypto industry adjusting their services to adapt to shifting market conditions, including regulatory changes and user preferences. Binance has reminded its customers to be aware of the inherent risks, including market volatility, associated with digital asset investments.