Helium Multiple trading pairs of Foundation-owned token HNT will be removed from Binance as they no longer meet “high standards”. While the community was very concerned about these news, a statement came from Helium.
chief operating officer of the Helium Foundation Scott Sigelclaimed that there is no reason why cryptocurrency exchange Binance should delist the Helium Network Token (HNT) in several trading pairs of the cryptocurrency.
The comment shared by Sigel is that Binance made on October 6 and the exchange’s HNT token, Binance USD (BUSD), Tether (USDT) and Bitcoin (BTC) It came out after a notification saying he was removing the cross isolated margin and spot trading pairs for
Since user positions will be forcibly closed and pending orders will be canceled on October 12, Binance “strongly advised” its users to close positions in the listed pairs and only spot trading was activated for the HNT/BUSD pair.
Koinfinans.com As reported by Binance spokesperson, Jessica Jung, in a statement to Forbes, explained that the exchange periodically reviews listed cryptocurrencies to ensure they continue to “continue to meet a high standard.”
If an asset does not meet the standards required by our exchange or “there are changes in the industry”, we need to delist it “to protect our users”.
Sigel responded, “There is no basis/reason for Binance to delist several HNT pairs. The integrity of HNT has not changed and it continues to meet all the standards set by the exchange. There are dozens of different exchanges that continue to support HNT. We hope Binance will turn the tide and relist other HNT trading pairs soon.”
Helium in 2013 Internet of Things (IoT) It was founded as a blockchain-focused blockchain and is building a decentralized peer-to-peer wireless telecommunications network. On September 22, blockchain announced that it would be moving to Solana, stating that it was for greater ecosystem support, among other reasons.
Questions about why Binance partially delisted HNT have caused traders to speculate, with some speculating that this was in response to Binance’s September misappropriation of Helium ecosystem tokens, which an accounting error saw the exchange lose approximately $19 million worth of crypto. .
Binance has reportedly mixed HNT with a much lower priced token used by Helium to pay the hosts of its 5G hotspot network called MOBILE, paying around 4.8 million HNT and temporarily lowering its price, resulting in a massive sale of the token.
Despite significant funding rounds, the Hellium network also faced criticism for its revenue figures. In July, there was a lot of talk on social media, showing that the project was making just $6,500 a month from data usage revenue, despite the company raising hundreds of millions from companies like Andreessen Horowitz (a16z), FTX Ventures, and Tiger Global.
In August, Helium was caught on its website, namely e-bike business Lime and software company SalesForce, listing partners who both refused to work with the firm and to have an active partnership. Helium soon removed citations of both organizations on its website.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.