TROY Price Drops 48% After Binance Suspends BSC Deposits Amid Security Issues

The TROY price plunged a whopping 48% following Binance's suspension of BSC deposits amid security issues.

Binance, a leading global cryptocurrency exchange, has suspended deposits for its BEP20 tokens on January 2. The exchange platform encountered issues with verifying the token’s collateral on the Smart Chain, which led to the suspension and a halt in network support.

Although Ethereum-based services stayed unchanged, the TROY project raised suspicions among investors who became anxious about the token’s market stability.

Binance Pauses ROY-BEP20 Deposits on Smart Chain

On January 3, Binance paused ROY-BEP20 deposits on the Smart Chain (BSC). The exchange platform highlighted that the suspension is necessary to ensure users’ security, as concerns arose regarding the token contract’s collateral verification.

#Binance has suspended deposits for TROY on BSC to protect users.

More information ➡️ https://t.co/kaxKpvA4Lo pic.twitter.com/HJKRZXhocx

— Binance (@binance) January 3, 2025

The suspension began on January 2, significantly impacting market sentiment and leading to a sharp 40% drop in TROY price.

Binance highlighted in the report that they will not be supporting the token on the BSC network as long as security issues remain unresolved. The team behind the TROY project is actively collaborating with the exchange to verify the collateral linked to the minted tokens.

However, Binance pointed out that the team still didn’t provide enough clarification to resolve the situation. As soon as the token is safe, the exchange will reopen deposits; however, no specific timeline has been provided, and additional announcements are unlikely.

While the suspension impacted the Binance Smart Chain, deposits and withdrawals for TROY on Ethereum remained fully functional. Nevertheless, the incident sparked concerns about TROY’s overall stability.

Investors and market participants raised concerns about the TROY project team’s lack of transparency, which led to decreased confidence in the token’s reliability and future potential.

TROY Price Analysis Today

According to CoinBase, TROY’s current price is at 0.0044$, which is a steep decline of 48.05% in the past 24 hours. The token’s 24-hour low was $0.00357, and the high was $0.00813.

The TROY’s market cap is $38.7M, while the current trading volume is $570.3 million.

The TROY token is powered by TroyTrade, a platform that offers a comprehensive solution for asset management and crypto trading. It offers various services, including margin trading, spot trading, and liquidity aggregation.

The platform is well-known for making trading easier for both institutional and individual users. However, the ongoing security concerns and suspension of BSC deposits have raised doubts about its reputation.