Helium Foundation Responds to Binance HNT Delisting
After major crypto exchange Binance said that it would cease trading Helium Network Token (HNT), the Helium Foundation COO reportedly stated that “there is no basis” for doing so and that the coin meets all the standards set by the exchange.
Four days ago, Binance announced that it would “remove and cease trading” certain spot, cross and isolated margin pairs, specifically HNT/BTC, HNT/BUSD, HNT/USDT, and OOKI/BNB.
Cross and isolated margin borrowing got suspended just a day later, on October 7, while all users’ positions will be closed, an automatic settlement conducted, and all pending orders cancelled on October 12.
“We will then delist the HNT/BUSD and HNT/USDT cross and isolated margin pairs,” the exchange said.
The announcement, however, did not provide any specific explanation for its decision.
Binance spokesperson Jessica Jung was quoted by Forbes as saying that the exchange periodically reviews each coin listed to “ensure that it continues to meet a high level of standard,” adding 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 at the Helium Foundation, replied to the exchange in a statement 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” continue to support the coin, adding: “We hope Binance reverses course and re-lists the other HNT trading pairs soon.”
Forbes noted that Nova Labs, the founders of the Helium network, which is backed by major companies such as An
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