Crypto exchange Binance is set to delist some HNT trading pairs, but the Helium Foundation’s chief operating officer says there is no basis for such action.
The chief operating officer of the Helium Foundation, Scott Sigel, believes that there is no basis for Binance to delist multiple HNT trading pairs on its platform.
Binance, the world’s leading cryptocurrency exchange, announced earlier this month that it would delist the HNT/USDT and HNT/BUSD trading pairs on its platform. The crypto exchange has already delisted the trading pairs, but the move hasn’t gone down well with Sigel.
Binance said it would close user positions, conduct an automatic settlement and cancel all pending orders on the HNT/BUSD and HNT/USDT cross and isolated margin pairs on Wednesday, October 12th.
In a statement to Forbes, Binance spokesperson Jessica Jung, revealed that the cryptocurrency exchange periodically reviews the cryptocurrencies listed on its platforms to ensure that they continue to meet a high level of standard. She said;
“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, Sigel responded that there is no basis for Binance’s latest move. He said;
“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. There are dozens of other exchanges that continue to support HNT. We hope Binance reverses course and re-lists the other HNT trading pairs soon.”
Helium has been around since 2013 and is an Internet of Things (IoT) focused blockchain. The project is building a decentralised peer-to-peer wireless telecommunications network.
HNT’s delisting from Binance comes barely two weeks after the Helium Foundation announced that Helium would be migrating to the Solana network.