Helium Foundation Responds to Binance HNT Delisting

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Helium Foundation Responds to Binance HNT Delisting

Source: AdobeStock / Diego

 

After main crypto change Binance mentioned that it might stop buying and selling Helium Network Token (HNT), the Helium Foundation COO reportedly acknowledged that “there is no basis” for doing so and that the coin meets all of the requirements set by the change.

Four days in the past, Binance introduced that it might “remove and cease trading” sure spot, cross and remoted margin pairs, particularly HNT/BTC, HNT/BUSD, HNT/USDT, and OOKI/BNB.

Cross and remoted margin borrowing acquired suspended only a day later, on October 7, whereas all customers’ positions will probably be closed, an automated settlement performed, and all pending orders cancelled on October 12.

“We will then delist the HNT/BUSD and HNT/USDT cross and isolated margin pairs,” the change mentioned.

The announcement, nevertheless, didn’t present any particular clarification for its choice.

Binance spokesperson Jessica Jung was quoted by Forbes as saying that the change periodically opinions every coin listed to “ensure that it continues to meet a high level of standard,” including that:

“When a coin or token no longer meets this standard or there are changes in the industry, we conduct a more in-depth review and potentially delist it in order to protect our users.”

However, Scott Sigel, COO on the Helium Foundation, replied to the change in a press release to Forbes, stating that,

“There is no basis for Binance to delist several HNT pairs. There has been no change to the integrity of HNT and it continues to meet all of the standards the exchange sets.”

Sigel argued that “dozens of other exchanges” proceed to help the coin, including: “We hope Binance reverses course and re-lists the other HNT trading pairs soon.”

Forbes famous that Nova Labs, the founders of the Helium community, which is backed by main firms comparable to Andreessen Horowitz and Multicoin Capital, declined to touch upon the report.

Could rising rules be behind this?

There was hypothesis about whether or not the change is making strikes in response to the rising regulatory scrutiny – each of Binance and of the crypto trade on the whole – significantly from the Securities and Exchange Commission (SEC) when it comes to the US. Binance was additionally beforehand accused of doing the alternative of what they preach – evading rules. The change has denied these accusations.

Carol Van Cleef, chair of the Blockchain and Digital Assets observe on the regulation agency Bradley, informed Forbes that exchanges delist cash for a number of causes, “sometimes after being informed of an investigation or enforcement from an agency like the [SEC].”

She mentioned that,

Helium’s delisting is “going to attract attention and cause people to ask questions as to why.” 

Others have additionally commented on the more and more giant eye of the regulator turning in direction of the trade. Poppy Alexander, a accomplice at Constantine Cannon, which represents SEC whistleblowers, informed Forbes that,

“There have been rumors now for months that a big crypto regulatory push is coming,” and federal enforcement authorities are “very eager and smart and raring to go.”

Some members on a Helium trading-related Discord server puzzled if the change might be making strikes related to its choice to cease supporting sure competing stablecoins. Binance informed Forbes, nevertheless, that “its action against Helium’s token was unrelated,” the report mentioned.

Others questioned if Binance’s latest mistake may have one thing to do with it – although it’s unclear how the change would profit from the newest transfer if that have been the case. As reported, 4 Binance.us clients unexpectedly obtained a complete of just about $22 million in crypto, after the change had erroneously credited holders of Helium’s new MOBILE token with the extra beneficial HNT as an alternative.

Helium has seen its share of accusations as properly: only in the near past, Forbes claimed that the executives at Helium, in addition to their household, had hoarded nearly all of wealth on the challenge’s launch, saying that: “Helium has made a handful of people disproportionately rich: its executives and their friends.”

But Amir Haleem, Helium’s co-founder and CEO, was quoted as saying that “none of those numbers [cited by Forbes] feel unreasonable to me or egregious in any way.”

Meanwhile, the group behind the challenge mentioned it was constructing Helium 5G, collaborating with wi-fi carriers DISH and T-Mobile, whereas additionally they introduced the launch of the MOBILE token to reward hotspot house owners for constructing the 5G ecosystem.

On Monday morning (8:40 UTC), the 69th coin per market capitalization, HNT, was buying and selling at $4.52. It is down 1.4% in a day, 5.7% in per week, 3% in a month, and 77% in a yr. It dropped almost 92% from its all-time excessive recorded in November 2021.

Source: coingecko.com

Per Binance’s announcement, it additionally restricted buying and selling pairs for Ooki Protocol. At the top of September, The US Commodity Futures Trading Commission (CFTC) charged Ooki’s founders and the decentralized autonomous group (DAO) with plenty of violations. You can be taught extra about it right here.

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