Cryptocurrency General News

Binance Exits Tron SR1 Position after Unfreezing 11.9Bn TRX, Could it be Because of SEC?

Tron Binance

The table seems to be turned around in Tron Super Representative (SR) ecosystem as Binance withdrew the 11.9 billion TRX it acquired to become the leading SR on Tron ecosystem, Beatzcoin CCO Misha Lederman has said.

Misha Lederman, a member of the Tronix community, said an interesting development is going on within the Tron ecosystem, stating that the 12 billion TRX (circa 1/6 of TRX in circulation) frozen by Binance to become the number 1 SR on Tron ecosystem has been unfrozen by the cryptocurrency exchange.

Leaderman who is also the advisor of the Dapp Revolution asserted that Binance will not be Tron’s top SR anymore, hence, Sesameseed and BitGuild will hold the 1st and 2nd position respectively.

While tagging Binance and Justin Sun, among others in the update, Leaderman inquired if Binance has got any comment regarding the development.

As at the time of reporting this news, no response has been made by the exchange. However, the Tron community on twitter has been placed in a frenzy just like it was when Binance acquired the 12 billion TRX votes.

Tron community members were dumbfounded about the reason behind the Binance’s action.

 

‘This is What Decentralization Looks Like’ –Sesameseed Founding Member

Danny, a founding member of Sesameseed, was excited by the development, saying “Good to be back on Top.”

Danny seems to have been devastated by the 12 billion TRX votes acquired by Binance to become the top SR, he said now Tron blockchain can now have true decentralization.

“This what decentralization looks like,” Danny added that the community can now decide who to vote for.

Is Binance Withdrawing Because of SEC

An unpopular member of the Tronix community with pseudo name Cryptoworld has addressed the withdrawal of Binance from the SR 1 position as a move intended to prevent SEC from considering Tron as a security.

Cryptoworld said if Binance remains SR1 with over 50% dominance, SEC may perceive Tron as not being decentralized enough to be a utility token.

Another member of the community said the situation remains the same despite Binance withdrawal, adding that most SRs on the Tron ecosystem are owned by Tron.

Before now, a number of Tron community members faulted the action of Binance in becoming SR1 by acquiring such a huge amount of TRX.

While referencing the assertion of Tron’s erstwhile CTO Lucien Chen that Tron’s SR is centralized, NewsLogical reported the perception of some Tronix community members when Binance acquired 1/6 of TRX in circulation to become top SR.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Khalid Lawal

Lawal Khalid is an avid entrepreneur and a peace advocator. He takes time developing expertise in journalism, and he has significant contributions at Arianna Huffington's Thrive Global, Oracle Times, Coin Gape and a host of other notable news publications.

Owing to his long time interest in innovative technology, Lawal cut into the blockchain world, and he has been unearthing meaningful investigation as well as noteworthy blockchain researches.

Khalid sits at the helm of NewsLogical.com as a full time journalist and a senior market analyst.

Email: lawal.khalid@newslogical.com

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