Cryptocurrencies
Helium COO Reacts After Binance Announces Delisting Of $HNT
Following the announcement by one of the leading cryptocurrency exchanges, Binance, to delist the trading pairs of the Helium Foundation Tokens ($HNT), the Chief Operating Officer of Helium Scott Sigel has described the decision as baseless.
Binance explained that it usually conducts regular reviews of tokens on its exchange and subsequently delists any assets that could no longer satisfy required standards.
The exchange maintains that it would soon remove the cross isolated margin and spot trading pairs for HNT and Binance USD (BUSD).
As a consequence, Binance has urged users to promptly close their open trades on HNT because any pending orders or open positions will be forcibly closed on October 12. However, the exchange hints that only spot trading for HNT/BUSD pairs will be retained for now.
Meanwhile, Sigel asserted that the integrity and solidity of the HNT project have never been in doubt. He then urged the leading exchange to reverse the decision for the betterment of the users.
He further argued that there are even more exchanges listing and supporting the HNT project daily.
It would be recalled that the HNT project recently migrated its blockchain to Solana on September 22. It was relayed that the move was necessitated by the growing support from more ecosystems.
🚨It’s official! The HIP 70 vote has ended. #Helium will be moving to the @Solana blockchain!👏🏼 pic.twitter.com/V2WIajou7R
— Helium🎈 (@helium) September 22, 2022
Several contradictory expressions and statements have been expressed by Web3 users. While some people think Binance misplaced HNT for a much lower-priced token used by Helium to anchor its 5G network called MOBILE, others believe the decision might have been influenced by the drastic drop in Helium revenue.
One of the critics, Shapira, queried Helium over the results of the hundreds of millions of dollars invested in the project. He cited data showing that the project made a paltry revenue of $6,500 per month.
.@Helium, often cited as one of the best examples of a Web3 use case, has received $365M of investment led by @a16z.
— Liron Shapira (@liron) July 26, 2022
Regular folks have also been convinced to spend $250M buying hotspot nodes, in hopes of earning passive income.
The result? Helium's total revenue is $6.5k/month pic.twitter.com/PyW6KPllvc
Binance Coin Delisting No Longer News
It is instructive to note that Binance delisting of coins that could no longer satisfy its standard requirements is no longer news.
In the past, Binance delisted $BCN, $CHAT, $ICN and $TRIG for failing to meet its standard requirements.
In the same vein, the exchange also removed trading pairs with BitTorrent and other IEO assets in a bid to boost liquidity and improve the trading experience for its users.
