Backdrop on Helium’s Delisting
The Helium Foundation’s chief operating officer, Scott Sigel, expressed strong disapproval following an Oct. 6 notice from Binance, which announced the delisting of several trading pairs for its cryptocurrency, Helium Network Token (HNT). The exchange stated that it would remove cross isolated margin and spot trading pairs for HNT as part of its review process.
Sigel’s Response to Binance
Sigel was quick to point out that there was “no basis” for Binance’s decision to delist HNT, arguing that the token continued to meet all standards set by the exchange. He urged the trading platform to reconsider its move, highlighting that many other exchanges still supported HNT.
“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
Market Speculations and Causes for Delisting
The delisting has sparked speculation about what could have triggered Binance’s decision. Some traders suggested that it may be a response to a significant accounting error on Binance’s part that involved HNT earlier in September. During this incident, the exchange confused HNT with a lower-priced token known as MOBILE, leading to a massive sell-off following the mistaken transaction that cost the company approximately $19 million.
Additionally, questions have arisen about Helium’s financial performance, especially when it was reported in July that the project generates only about $6,500 per month from data usage revenue—despite raising hundreds of millions from prominent investors including Andreessen Horowitz and FTX Ventures.
Concerns Over Helium’s Partnerships
In another development, Helium faced criticism in August when it was found listing partners on its website—specifically relationships with businesses like e-bike company Lime and software giant Salesforce—that both denied any active partnership with Helium. Following public outcry, Helium promptly removed these mentions.
Helium’s Future and Community Response
As Helium moves forward amidst these controversies, its community remains engaged, hoping for a resolution to the issues raised and looking towards further development, especially with the planned migration of its blockchain to Solana. The effectiveness of its future strategies will likely determine the stability and prominence of HNT in the cryptocurrency market.
