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Helium COO: "No Reason" for HNT Delisting on Binance

 


Helium Foundation Chief Operating Officer Scott Sigel claims cryptocurrency exchange Binance has “no reason” for delisting several trading pairs of its cryptocurrency Helium Network Token (HNT).


Sigel was responding to a note from Binance on Oct. 6, stating that the exchange will open Cross Isolated Margin and Spot trading pairs for HNT and Binance USD (BUSD), Tether 

Binance strongly advised its users to close all positions with the quoted pairs as user positions will be forcibly closed and all pending orders will be canceled on October 12th. Only spot trading for the pair HNT/BUSD will remain.


Jessica Jung, a spokeswoman for Binance, said in a statement to Forbes that the exchange regularly reviews its listed cryptocurrencies to ensure they continue to "perform to a high standard."


If an asset is not up to standard or "there are changes in the industry," it will be removed from the list "to protect our users," she explained.


Sigel then stated, "There is no reason for Binance to delist multiple HNT pairs. The integrity of HNT has not changed and it continues to meet all standards set by the exchange."


"There are dozens of other exchanges that continue to support HNT. We hope that Binance will change course and list the other HNT pairs again soon," he added.


Founded in 2013 as an Internet of Things (IoT) focused blockchain, Helium is building a decentralized peer-to-peer wireless telecommunications network . On September 22, the company said it would migrate its blockchain to Solana , in part because the ecosystem is better supported there.


The question of why Binance is partially delisting HNT has been hotly debated among traders. Some claim that this is in response to Binance's mix-up with the Helium token in September, which saw the exchange reportedly lose $19 million worth of cryptocurrencies due to an accounting error.


It says Binance confused HNT with a much smaller token called MOBILE, which is used by Helium to pay hosts for its 5G hotspot network. The exchange paid out about 4.8 million HNT, which led to a massive sell-off of the token and temporarily caused its price to drop.


Helium has also been criticized for generating little revenue from the project despite significant funding rounds. Data released in July showed the project is taking in just $6,500 a month despite the company raising hundreds of millions from companies including Andreessen Horowitz (a16z), FTX Ventures and Tiger Global.


In August, it was revealed that Helium listed partners on its website, namely e-bike company Lime and software company SalesForce, who weren't actually partners. Both companies have denied working with or have an active partnership with the company. Helium removed the names of the two companies from its website shortly thereafter.

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