HomeNEWSHelium responds to Binance.US delisting move, highlights Solana migration plans

Helium responds to Binance.US delisting move, highlights Solana migration plans


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The Helium foundation in a blog post today responded to Binance.US’s plan to delist HNT/USD and HNT/USDT trading pairs from its platform. Recall that earlier today, the cryptocurrency exchange said it’ll delist the aforementioned trading pairs on March 21, 2023. In its announcement, Binance.US indicated that it usually reviews digital assets listed on its platform at intervals to ensure that they continue to meet the standard of excellence it expects.

In response, Helium said it’s disappointed in the cryptocurrency exchange for the decision. Further, the foundation highlighted the importance of the migration comparing its relevance to Ethereum’s switch from the PoW to PoS. Also, Helium revealed how the foundation has worked closely with developers from the Helium and Solana communities towards ensuring a smooth migration.

Accordingly, the Foundation urged Binance.US holders of its HNT token to consider other alternatives. Helium divulged that they can transfer their HNT to its open-source wallet app. In the announcement, the firm indicated that more than 20 cryptocurrency exchanges still support HNT trading pairs. Helium encouraged the affected users to consider moving their holdings to these supported exchanges.

Meanwhile, the foundation established that it won’t give up on Binance.US yet. The firm explained that it will keep close relationship with the cryptocurrency exchange. With that, Helium stated that it will attempt to educate Binance.US about its core initiatives and development roadmap. More so, the firm emphasized its commitment to the Solana migration.

Shortly after the announcement from Binance.US, HNT dipped slightly from $2.30 to $2.21. According to Coinmarketcap, as of press time, the token is trading at $2.38.

How Binance delisted top tokens from Helium last year

Recall that in October 2022, Binance removed HNT/BUSD and HNT/USDT cross and isolated margin borrowing and HNT/BTC and HNT/USDT on spot from its platform. The move generated huge controversies with Helium announcing that the exchange has no valid basis to make such a move. Then, Helium emphasized that its business practices still remain the same despite concerns about its migration to Solana.

Worth noting that Helium’s intention to abandon its native blockchain in favour of a move to the Solana network has raised concerns in the industry. Despite the growing backlash, the firm has shown no signs of ditching the plan. Recall that in Late September 2022, Helium Foundation received backing for the move through the Helium Improvement Proposal (HIP 70). The proposal garnered 7,447 votes in its support which amounts to 81.41% of the total vote cast.

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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