- Binance will end support for USDC transactions on the Tron (TRC20) network starting April 5th, 2024.
- This follows Circle’s decision to discontinue its own support for USDC on the Tron network.
- Binance users can still trade USDC and utilize alternative networks for deposits and withdrawals.
Binance has just announced that it will discontinue support for both deposits and withdrawals of the stablecoin USDC (USD Coin) via the Tron (TRC20) network on its platform. This change takes effect on April 5th, 2024, at 02:00 (UTC).
The main reason given by Binance for its decision is to align with Circle’s – the issuer of USDC – recent move to cease supporting USDC on the Tron network. Consequently, users will no longer be able to send or receive USDC using the TRC20 network on Binance.
[binance]
Details of Update
According to the official announcement on Binance’s website, the details of the move are as follows:
Following Circle’s discontinuation of USDC support on the Tron (TRC20) network, Binance will cease support for USDC deposits and withdrawals via TRC20 starting from 2024-04-05 02:00 (UTC).
Binance also notes a few reminders for its users regarding the move in order to prevent any additional or further issues. Firstly, users are still allowed to continue trading USDC on Binance, and deposits and withdrawals of USDC via other supported networks will not be impacted. In addition, deposits of USDC tokens via TRC20 will no longer be credited to users’ accounts after April 5th, 2024, at 2:00 (UTC).
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The initial decision by Circle to cease minting USDC tokens on the Tron blockchain was made last month, in February 2024. The decision is said to be “aligned with its efforts to ensure that USDC remained trusted, transparent and safe.”
For now, Binance operations largely remain the same especially outside of the Tron blockchain. That is, in countries outside of the Philippines, where it currently faces a blanket ban set in motion by the Philippine SEC, and requested through the National Telecommunications Commission.
