In late September, Forbes published a story claiming that Helium developers had profited more than the investors themselves. Last Thursday (6), Binance announced the removal of two trading pairs of Helium (HNT).
While the broker has not stated the reasons for this removal, it is usually due to lack of project development activity or quality, team involvement, low volume, or even evidence of unethical or fraudulent behavior.
In any case, the COO of Helium did not agree with the partial removal of its cryptocurrency.
Speaking to Forbes itself – the media that attacked Helium – Scott Sigel points out that the integrity of the project remains the same, without deviating from the standards required by Binance.
“There is no basis for Binance to exclude multiple HNT pairs. There was no change in the integrity of the HNT and [a criptomoeda] continues to meet all the standards set by the exchange.”
The Removal of Helium (HNT) from Binance Continues to Push the Price of Cryptocurrency
At this point, Binance has not removed Helium (HNT) completely. Therefore, the cryptocurrency can still be traded on the exchange through the HNT/BUSD pair, traded against Binance’s own stablecoin.
Yet Helium has already lost 20% of its value since the decision of the world’s largest broker four days ago. Looking at the whole picture, HNT is already down 92% from last year’s all-time high.
The pressure is natural, after all, Binance’s exclusion shows that something isn’t right in the project, even though it didn’t specify what.
In addition, a loss of volume and liquidity is also expected with the withdrawal of these pairs. In other words, it deters investors, especially whales, who have to make large purchases and sales without major price changes.
Finally, Binance’s Jessica Jung noted to Forbes that assets listed on the exchange must follow a high-profile standard.
“If a coin or token no longer meets this standard, or if there are changes in the industry, we will conduct further analysis and may remove the list to protect our users.”
The strange thing, however, is that Binance has kept a number of HNT trades when it could have removed them altogether if it had evidence that such a project is violating its standards.
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.
