Binance to Delist Multiple Helium Token Pairs Amid Major Concerns

Binance to Remove HNT Pairs

The world’s largest cryptocurrency exchange Binance announced that it would delist and cease trading for some Helium (HNT) token pairs such as: HNT/USDT and HNT/BTC on spot, and HNT/BUSD and HNT/USDT on cross and isolated margin borrowing. In addition, Binance advised users to close their positions prior to the cessation of margin trading to avoid any potential losses.

“The exchange periodically reviews each digital asset we list to ensure that it continues to meet a high level of standard. 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,” Binance spokeperson Jessica Jung told Forbes.

BSC News earlier reported on Helium’s proposed migration to Solana which was overwhelmingly approved by Helium community members despite criticisms regarding the network’s plan to abandon its native blockchain.

Helium Hits Back

“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,” Scott Sigel, the COO of the Helium Foundation, said in a statement to Forbes.

Prior to the announcement of delisting HNT pairs, Binance reportedly misallocated around 4.8 million Helium (HNT) tokens due to an accounting bug on the part of the exchange. This resulted in a loss of about $19 million at the time the incident was reported on Sept. 16.