Helium, the a16Z-backed Crypto Unicorn, Spars With Binance Over Delisting

A token created by Helium, a much-hyped crypto project hailed as one of the best use cases of Web3 technology, will be partially delisted from major cryptocurrency exchange Binance amid reports of poor revenue and misleading marketing at its parent company, as well as the network's abandonment of its native blockchain last month. From a report: In a blog post Thursday, Binance said that it would cease trading Helium Network Tokens, or HNT, with multiple trading pairs over the next week, effectively preventing token holders from exchanging HNT for Bitcoin or other tokens. Binance "strongly advised" people to close out their positions, or else it would "conduct an automatic settlement and cancel all pending orders" relating to HNT and its trading pairs on October 12. Users may continue to spot trade with the HNT/Binance USD (Binance's stablecoin, BUSD) pair. In a statement to Forbes, Binance spokesperson Jessica Jung said 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." In response, Scott Sigel, COO at the Helium Foundation, which manages the community, said in a statement to Forbes that "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."

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