Helium Foundation Project Operations Director Scott Siegel told the publication Forbesthat the Binance bitcoin exchange “has no reason” to remove trading pairs with the Helium Network Token (HNT) from the platform.
The fact is that the exchange announced the delisting of several pairs with HNT on the spot and margin platforms from October 12-14.
“When a coin or token no longer meets this high standard, or there is a change in the industry, we will take a closer look and possibly delist it to protect our users,” the statement said. Binance.
Carol Van Cleef of the law firm Bradley commented on the situation and sees the reason why exchanges often delist assets when the projects behind them are investigated by regulators.
Binance has announced that it will stop trading the OOKI/BNB spot pair along with HNT. In September, the US Commodity Futures Trading Commission (CFTC) sued Ooki DAOThe in which the token is used for control.
Forbes wrote that the delisting of HNT on Binance followed a published investigation into the founders of the project receiving “millions of dollars of unreasonable payments” after the launch of the token.
Despite Helium raising $250 million in investments from Andreessen Horowitz, Tiger Global and other investors, the network’s revenue for 2021 was only $92,000. It was assumed that users would be able to earn as node operators by purchasing equipment from the company for $500. One of the owners of the device told the publication that the revenue is a few dollars a month, and after paying for electricity, it turns into a loss.
We previously reported that the Helium community supported migration from own blockchain on Solana.