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An Indian Exchange is NOT Supporting TRX Migration

While the world is bracing for impact as Tron Mainnet release comes close, an Indian exchange KoinOK has decided to delist Tron (TRX) and not support the mainnet launch.

Taking a cue from the issues faced during EOS migration worldwide, and noticing the bugs in the mainnet, KoinOK has decided to take the ‘opposite route’.

“If EOS couldn’t secure its network using dPOS, it’s hard to believe TRON mainnet launch would go smoothly.” – KoinOK

In the article sent to its users, the exchange lists more reasons for their decision:

  • KoinOK does not believe that Tron will be able to deliver the genesis block within the stipulated time as the testers have raised a lot of bugs.
  • A lot of the Java-Tron’s codebase is based on the EthereumJ library, which according to KoinOK is quite ‘buggy’. Citing such controversies as a reason as well.
  • The exchange fears a centralisation of the TRON network leading to easy 51% attacks on the network in-turn impacting retail investors.

Withdraw or Sell TRX on KoinOK

KoinOk claims that the risks for retails investors outweigh the benefits and hence they have taken this step. As KoinOK is withdrawing support for TRX, they have pledged the users to withdraw or sell their TRX token before June 24.

The withdrawal fees have been reduced from 50 TRX to 25 TRX tokens.

Support of Other exchanges

Many exchanges in India and outside are supporting the TRX migration. Zebpay, Koinex, WazirX, Binance are all supporting the migration but some of the exchanges have disabled the deposits and withdrawals of TRX tokens on their exchanges.

KoinOK says they will list TRX once the Mainnet has stabilised.

Status of TRX on Other Exchanges

The following exchanges are supporting the TRX mainnet swap. Some of them will suspend their deposits and withdrawals as per the below time.

TRX Deposits Withdrawal
Zebpay 23 June Suspended
Koinex Suspended Suspended
WazirX Suspended Suspended
Bitbns 23 June 21 June 11:30 PM
Binance Not Suspending 24 June
Coindelta Suspended Suspended

TRX migration is an event where the currently available TRX ERC-20 tokens will not longer be useful and a new TRX coin will be available for transfer on Tron’s native blockchain. Those who are holding TRX ERC 20 tokens will get equal amount of TRX coins on the new Blockchain. The same is scheduled to be releases to public on June 25.

What do you think about KoinOK’s decision? Let us know in the comments below. 

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