Binance has decided to delist and cease trading for Helium Token (HNT) after a periodic review. The news comes before Helium’s migration to Solana.
Binance said it removes a coin or token when it no longer adheres to this standard or when market conditions change in order to protect consumers.
binance dump helium trading pair
As per the release, the largest exchange will be delisting the HNT/BUSD trading pair. On March 25th, it will stop depositing HNT tokens. In the initial phase, Binance plans to offer withdrawal facilities until April 17th. Between April 21st and June 24th, Binance will enable the second phase of withdrawals.
The timeline indicates that Binance will accept all requests before the network moves to Solana. Helium Networks scheduled the migration to Solana for March 27th. The Helium Foundation hoped that Solana’s transfer would aid the network in its expansion. With that in mind, network resources were split between working on additional network development and maintaining Helium Layer 1.
Now, Helium has extended the migration date to April 18th.
Solana Migration Moved In April
In an announcement on Thursday, Helium Networks said that a majority of the Readiness Working Group voted to move its residency to Solana.
Helium formed an Upgrade Readiness Working Group earlier in the day with a “diverse group of 20+ prominent, longstanding and active technical stakeholders”.
“The Readiness Working Group approved by a unanimous vote to move the migration date and establish April 18 as the final migration date,” the announcement said.
The network moved the migration to the next month to give itself more time. Factors such as community readiness, required governance votes, additional testing and operational enhancements were cited as reasons for the choice.
Meanwhile, the network could possibly share the final audit this month.
HNT price hit
Binance’s delisting announcement has also affected the price of Helium. Over 12% of the token’s value has been lost in the last day. The current price is hovering around $1.60, which is at a two-month low.
The HNT reached an all-time high in 2021, just above $53. Since then it has now fallen by about 97%.
disclaimer
BeInCrypto has reached out to the company or individual involved in the story for an official statement regarding the recent developments, but has not yet received a response.