Crypto Says It Will Educate Binance After Peer Removal

“We will direct Binance US to migrate from the Helium network to Solana,” the cryptocurrency team said, angered by the loss of two trading pairs on the North American arm of the world’s largest exchange.

In an announcement last Monday (13th), Binance US stated that it will close cryptocurrency deposits on March 20. Additionally, JasmyCoin will also lose support from U.S. regulated exchanges.

“HNT and JASMY deposits on Binance.US will be closed on March 20, 2023 at 7pm PDT / 22 hours EST. Buys, sells, conversions of HNT and JASMY an hour after deposits close and OTC functionality will be removed. Deposits to HNT or JASMY after this time will not be credited to your account. Withdrawals will remain open.”

According to other Binance announcements, the removal of the currency pair did not specify the reason for the end of support. Among the possible reasons, the broker claimed that technical problems with the project, regulation or network instability could be among the reasons for the problems.

After removing peers, cryptocurrency says it will educate Binance US about its project

When Binance removed the Helium pair from its flagship exchange, a cryptocurrency executive expressed displeasure with the decision as the network was being moved to the Solana network.

At the time, HNT was experiencing a strong depreciation in the market. In the first 14 days of March 2023, the project has lost another 9.4% against the dollar and is currently trading at just $2.49 per token.

Therefore, the Helium team announced on Tuesday (14th) that it will introduce its cryptocurrency to Binance US and explain the project in detail to the exchange.

“The Helium Foundation will remain in close contact with Binance.US and continue to educate them on the network’s key initiatives and roadmap. The Foundation remains committed to the migration, which will fundamentally expand the utility of the network and help bring More resources are devoted to our ultimate goal: a ubiquitous communication layer accessible to all people and devices.”

Fundação Helium Disappointed Despite Hopes to Educate Brokers

The Helium team even leaned toward continuing the conversation with Binance US, but expressed disappointment at the exchange’s decision to reduce the project’s liquidity for investors.

That’s because, during the migration to Solana, the Helium Foundation didn’t expect to have to deal with that. Regardless, she said she understood Binance US’s motivations, and said her project would emerge stronger from migrating to Solana.

Source of information: Compiled from LIVECOINS by 0x Information.Copyright belongs to the author, without permission, may not be reproduced

Related Posts