Controversy surrounding Binance delisting of Helium, $HNT
If you have been keeping up with your Binance or Helium news as of late. You have seen that this is not the first time these two share a news article.
Helium and Binance
These two have had their issues in the past. What happened was that Binance made an error. This in turn allowed people with Helium's new 5g network token, $MOBILE, to trade it at the price of the $HNT token. Wich at the time was valued significantly more. Guestimates put Binance's loss for this error at roughly $19 million.
And that costly mistake has led many to speculate that it is the main driving reason behind Binance delisting all but one, the $HNT/$BUSD trading pair. Which is a huge blow to Helium.
Binance and their official statement
Binance has been a bit cryptic with their official reason for choosing to delist most of the Helium trading pairs.
each digital asset we list to ensure that it continues to meet a high level of standard. 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. -Jessica Jung, Binance spokesperson
They have basically given a very vague reason for why they have chosen to do this with Helium. They have not said what it is that has changed regarding Helium. Ar what their criteria are. It sounds, to me, like a bit of a politician's answer. Basically, just words that mean nothing.
But there has been some negative news surrounding Helium. They had listed two companies on their website as official partners. But when people reached out to the companies they said they had nothing to do with Helium.
And as people started to look closer it started to look more and more like a ponzi scheme. Where the only revenue coming in was from new Helium hot spots. As the data sales were only around $6,500 a month.
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. -Scott Sigel, COO at the Helium Foundation
This means that there definitely are some things surrounding Helium that is smelling a bit fishy. Despite what Scott Sigel might think. If it is what has finally accrued enough checkmarks for Binance to act. Then at least I think they should have been upfront about it and tell us why.
What are your thoughts on this? Do you think Binance is looking out for its customers, or are they just being sour grapes because they made an error? Please share your thoughts in the comment section down below. If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead.
See you on the interwebs!
Picture provided by: Helium, Binance
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