There are no specific conservation measures in place for this species. Its distribution overlaps several marine protected areas within its range.

This species is found in marine reserves in the Florida Keys National Marine Sanctuary, USA (Grorud-Colvert 2006), Hol Chan Marine Reserve, Belize (National Parks of Belize), Barbados Marine Reserve, Barbados (Cheney and Côté 2003), Barbados Marine Park (Rakitin and Kramer 1996) and Bonaire Marine Park, Bonaire (Pattengill-Semmens undated). It is worth noting that Barbados Marine Park does not imply as a no-take zone, baited fishing and trawling are still allowed within the areas and currently two non-fishing zones are being proposed (STINAPA Bonaire 2007).

While many marine parks have already been introduced in areas within the geographic range of T. bifasciatum, it is worth noting that the degree of protection within marine reserve varies according to the effectiveness of management. Currently, there is little information on the effectiveness of those marine parks, therefore, more information is necessary to establish its conservation status.