Helium COO sees “no basis” to partially delist HNT from Binance

What’s new? Scott Sigel, the chief operating officer for the Helium Foundation, has said that cryptocurrency exchange Binance has “no basis” to delist several trading pairs with cryptocurrency Helium Network Token (HNT), Cointelegraph reports, citing Sigel’s comments.

News on the Cointelegraph website

What is known about the situation? On October 6, Binance announced the removal of margin and spot trading pairs HNT/BUSD, HNT/USDT, and HNT/BTC. Representatives of the exchange stressed that assets are removed in case they no longer meet high standards. Binance strongly recommended users close all positions on the above pairs, because on October 12 they will be forcibly closed, and all pending orders will be canceled. Only spot trading for the HNT/BUSD pair will remain.

According to Scott Sigel, there have been no changes to the integrity of HNT, the token continues to meet all the standards set by the exchange. He expressed hope that Binance will change its course and add other trading pairs for HNT in the near future.

Helium was founded in 2013. The project’s team works on decentralized telecommunications technologies and Internet of Things (IoT) solutions. The startup is developing a network of more than half a million hotspots that provide operations and connectivity for nearby IoT devices. The owners of the hotspots receive HNT tokens as rewards for supporting the decentralized network.

In September, Binance credited users with $20 million worth of HNT tokens due to an error in its accounting system. The exchange’s system mixed up two native tokens of the Helium project — HNT and MOBILE. Because of the bug, users could send MOBILE tokens to HNT wallets while the exchange identified them as more expensive HNT. In total, the platform’s customers were able to transfer and sell more than 4,8 million tokens.

On October 7, the capitalization of BUSD (Binance’s stablecoin) reached $21,6 billion. According to CoinMarketCap, the figure increased by 9,64% over the past month. Probably, it is connected to the fact that from the end of September the exchange began to automatically convert all deposits of USDC, USDP, and TUSD stablecoins to BUSD.