An executive at the Helium Foundation, which looks after the Helium cryptocurrency (HNT), was outraged by the massive takedown promoted by Binance, and expressed surprise at the largest exchange in the world. “end with the liquidity of the project”.
Since Binance’s announcement on Oct. 6, the price of HNT has fallen from $5.6 to $4.6, which is a drop of 17%.
The news surprised the Helium ecosystem, which has been going through a rough patch in recent months, after the key token fell 91% in 11 months. The decline in the project is already worrying investors.
Binance Promotes Mass Removal of Helium
Coming Friday (14) Binance will remove some of Helium’s main trading pairs on its platform, namely HNT/BTC and HNT/USDT in spot trading.
In addition, leveraged pair traders are losing access to HNT/BUSD and HNT/USDT, which allowed exposure up to 3 times the original position and will be delisted next Wednesday (12).
The only pair not to be removed is HNT/BUSD, which narrowly lost all support from the world’s largest exchange, which eliminated 4 of the 5 helium pairs in its ecosystem.
While Binance won’t comment on the cause of the project deletions, communications team leader Jessica Jung said only that when projects lose their foundations, it’s common for the exchange to delete their peers, but without commenting on the merits of what issues the platform has. detected. the project.
It’s worth remembering that Helium has announced that it is moving to the Solana network, leaving its own network. So, it’s unclear whether the removal of the Binance pairs should wait for further evaluation of the project when it migrates, but the matter certainly grabs the attention of the community.
Helium Foundation Executive Revolts At Binance Over Cryptocurrency Removal
Forbes also reached out to the Helium Foundation to discuss Binance’s takedown of the coin, which was answered by COO Scott Sigel.
According to him, there is no basis for Binance’s action, which will go into effect next Wednesday, because Helium would not have lost its fundamentals, as the exchange claims.
Moreover, he said in horror that other brokers continue to call the project normal, which made him strange for the action of the largest brokerage in Helium volume.
As such, Scott stated that he expects Binance to relist Helium pairs soon.
This isn’t the first controversy between Binance and Helium in recent months, as the exchange falsely handed out millions in HNT to its users in September 2022 and posted a multimillion-dollar loss, with no support from the Helium Foundation in the matter.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
