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Binance has decided to delist and cease trading for Helium Token (HNT) after its periodic review. The news comes ahead of Helium’s migration to Solana.
Binance stated that it delists a coin or token when it no longer adheres to this standard or when the market conditions change in order to safeguard consumers.
Binance Dumps Helium Trading Pair
The largest exchange will remove HNT/BUSD trading pair, per the release. On March 25, it will cease accepting deposits of HNT tokens. In the initial phase, Binance has planned to facilitate withdrawals through April 17. Between April 21 and June 24, Binance will enable the second phase of withdrawals.
The timeline indicates that Binance will accept all requests before the network moves to Solana. Helium Network scheduled the migration to Solana for March 27. Helium Foundation hoped that the relocation to Solana would help the network in its expansion. Considering the network resources were divided between working on additional network development and maintaining Helium Layer 1.
Now, Helium has pushed the migration date to April 18.
Solana Migration Moved to April
In an announcement on Thursday, Helium Network stated that the majority of the Readiness Working Group voted to shift its migration to Solana.
Helium constituted an Upgrade Readiness Working Group back in the day with a “diverse group of 20+ prominent, long-time, and active technical stakeholders.”
The announcement said, “The Readiness Working Group approved, by a supermajority vote, to move the migration date and establish April 18 as the final migration date.”
The network moved the migration to the following month to give itself more time. Factors like community readiness, required governance votes, extra testing, and operational enhancements were cited as reasons for the choice.
Meanwhile, the network could possibly share the final audit this month.
HNT Price Takes a Hit
The Binance delisting announcement has also taken a toll on Helium’s price. Over 12% of the token’s value has been lost in the last day. The current price is hovering near the $1.60 level, making a fresh two-month low.
HNT reached an all-time price high in 2021, just above $53. It has now fallen nearly 97% since then.