The TROY price plunged a whopping 40% following Binance’s suspension of BSC deposits amid security issues.

Binance, a leading global cryptocurrency exchange, reported issues with verifying the token’s collateral on the Smart Chain, which caused the suspension and a halt in network support. It suspended deposits for its BEP20 tokens.

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

TROY Price Drops After Binance’s Announcement

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

#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 support 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.

Despite the project’s TROY efforts, Binance pointed out that the team still didn’t provide enough clarification, leaving the situation unresolved. 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 remain fully functional. Nevertheless, the incident has sparked concerns about TROY’s overall stability. Investors and market participants raised concerns about the TROY project team’s lack of transparency. This led to decreased confidence in the token’s reliability and future potential.

TROY’s Price Performance

TROY’s current price is at 0.0044$, which is a steep decline of 48.05% in the past 24 hours, according to CoinBase.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.

TROY token is powered by TroyTrade, the 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.

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