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Binance Set To Delist Helium (HNT) Regarding Migration To Solana

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The world’s largest crypto exchange, Binance, has been pulling some force within the crypto space over time. The firm boasts a robust and user-friendly interface, with relevant and reliable features for crypto traders and investors. The firm has about 90 million users across different countries of the world.

In a new development, Binance.US plans to delist and stop trading for Helium (HNT) on its platform. The crypto exchange made the decision after its periodic review of the Helium token.

Binance’s Decision Is Based On Its Review Of Helium

According to a public release from Binance on March 17, the crypto exchange decided to remove the Helium trading pair HNT/BUSD on its platform. The elimination will take effect from March 25. Also, the exchange will stop receiving deposits of HNT tokens from customers. So, the exchange will not credit deposits of HNT tokens after March 25 to users’ accounts and will not support the recovery process.

Binance Delists Helium

Binance set a timeline through which it will handle all transactions related to the Heliun toke, HNT. The exchange will support the first phase of customers’ withdrawals of HNT tokens through April 17. Also, it will facilitate the second withdrawal phase between April 21 and June 24.  Binance mentioned that it will only accept users’ requests on HNT withdrawals before Helium migrates to Solana.

Further, Binance explained that it carries out periodic reviews for tokens under its listings. This process will help the exchange to ascertain if the crypto assets still maintain the high standards that meet Binance’s expectations.

Binance mentioned that it will delist a token if it deviates from the expected standard. Also, when the crypto industry change due to unfavorable market conditions, the firm will take protective action. This means that Binance will conduct an in-depth review and finally delist the token to protect its customers.

According to the post, Binance cited several factors to consider during its review of listed tokens. These include the level and quality of development activity, the commitment of the project team, stability and security of the project from attacks, stability of smart contracts, and others.

Bnance’s announcement to delist the Helium token gave a drastic blow to the value of the token. At the time of writing, HNT is trading at around $1.54 indicating about a 20.45% drop over the past 24 hours. Its market cap is currently at $217 million as per CoinMarketCap.

Helium Postpones Migration To Solana

The recent decision from Binance spiked different reactions within the crypto space. Some are linking the delisting of the HNT token to the upcoming migration of Helium to Solana.

According to the announcement of HeliumFoundation, the network postponed its migration to Solana to April 18. The tweet mentioned that the decision is based on a supermajority vote of the Readiness Working Group. The shift in date will enable the group to conclude all the  relevant process. These include governance votes, time for community readiness, operational improvements and more network tests.

Helium explained that its migration to Solana will enhance its network usefulness. It will help to maintain a cost-effective interactive layer for its users and with different gadgets. The Helium app will upgrade to support native subDAO token redemption and will integrate with Solana’s DeFo platform for more services. Also, HNT will witness exposure to more decentralized exchange platforms.

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