Binance To Complete Tron (TRX) Token Migration In A Week
Popular cryptocurrency exchange, Binance, is still in the activities of facilitating the Tron (TRX) token migration that commenced on the 21st of June. The exchange has had a good partnership with the Tron Foundation with Binance promising to facilitate continual TRX migration for any user who did not manage to transfer their tokens to the numerous exchanges that were earlier mentioned by the Tron Foundation and before June 24th.
However, the migration on Binance has taken longer than expected with the TRX tokens of all users being locked up on the exchange. Withdrawals and deposits are still not active on the exchange leading many TRX hodlers to miss out on the ongoing Super Representative elections since they cannot stake their tokens on the Tron explorer. TRX trading is still very much active on Binance.
Both Binance and the Tron Foundation have expressed their regret for the unexpected delay of deposits and withdrawals on the exchange. The latter has expressed this via their medium page when they announced the following:
The technical teams on both sides are working closely to push forward the migration. Deposit and withdrawal services are expected to be provided within the next week.
We would like to extend our most sincerest apologies for keeping you waiting, but we are also kindly asking all TRON supporters and Binance users to remain patient. We are continuously working towards building a global ecosystem. Thank you for your support and understanding.
The announcement was made on the 7th of June. Therefore, working from this date and the statement that full services will resume in a week, we can conclude that we should have full functionality on Binance sometime this week; with the latest date being July 14th.
What many TRX traders believe, is that once the flood gates of deposits and withdrawals are open on Binance, then the trading and cross-exchange/wallet movement of TRX will get back to regular volumes before the MainNet went live on the 25th of June during the Tron Independence Day. This will in turn increase demand and possibly boost the price of the token that is currently valued at $0.035. This is a relatively cheap price considering the capabilities of the Tron MainNet and the excitement around the project.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.