Binance will soon remove multiple trading pairs of the Helium Foundation token. The exchange stated that it would delist assets if they did not meet “high standards.” Scott Sigel, chief operating officer of the Helium Foundation has stated that there is no basis for cryptocurrency exchange Binance’s delisting several trading pairs of its cryptocurrency Helium Network Token (HNT).
Sigel’s comments were made after Binance sent an Oct. 6 notice to the exchange stating that the exchange was and removing the spot trading pairs for HNT, Binance USD (BUSD), and Tether (USDT).
Binance strongly advises users to close all positions in the listed pairs. All pending orders will be cancelled on October 12th, with spot trading remaining for the HNT/BUSD pair.
Binance spokesperson Jessica Jung stated in a Forbes statement that the exchange regularly reviews its listed cryptocurrency to ensure they “continue to meet a high standard.”
She explained that if an asset does not meet the standard, or “there are industry changes”, it will be delisted “in order to safeguard our users.”
Sigel responded that there was no reason for Binance not to delist several HNT pairs. HNT has not been compromised in any way and continues to meet all standards set by the exchange.
“There are many other exchanges that support HNT. He said that Binance should reverse its course and relist the HNT trading pairs as soon as possible.
Helium was established in 2013 as an Internet of Things focused blockchain. It is currently building a decentralized peer to peer wireless telecom network. It announced that it would migrate the blockchain from Solana on Sept. 22. This was among other reasons.
HNT is being partially delisted by Binance. This has led traders to speculate about the reason. Some believe it was due to Binance’s September mix-up with Helium ecosystem tokens. An accounting bug caused Binance to lose $19 million in crypto.
Binance, according to reports, confused HNT and a lower-priced token used for Helium to pay hosts on its 5G hotspot network called MOBILE. This caused a huge sell-off of HNT, temporarily dropping its value.
Helium has been criticised for its low revenue numbers, despite receiving significant funding rounds. Despite the company having raised hundreds of millions from investors like Andreessen Horowitz (A16Z), FTX Ventures, and Tiger Global, July data showed that ‘s data usage revenue is only $6,500 per month.
Helium began listing partners on its website in August. These were Lime, an e-bike company, and SalesForce, a software company. Both companies denied working with the firm, or being part of any active partnership. Helium soon removed both mentions on its website.