coinspress.com
Binance, one of the largest cryptocurrency exchanges, has announced that it will be delisting and ceasing trading for Helium Token (HNT) following its periodic review.
Binance stated that it delists a coin or token when it no longer adheres to its standards or when the market conditions change in order to safeguard consumers.
The delisting announcement comes ahead of Helium’s migration to Solana, a high-performance blockchain. Helium Network had scheduled the migration to Solana for March 27.
Still, it has been pushed back to April 18 to allow for community readiness, required governance votes, extra testing, and operational enhancements.
Binance will remove the HNT/BUSD trading pair and stop accepting HNT deposits on March 25. Withdrawals will be facilitated in two phases. Binance has planned to accept all requests before the migration to Solana.
The news of Binance’s delisting has taken a toll on Helium’s price, with the token losing over 18% of its value in the last day. HNT reached an all-time high in 2021, just above $53, but has since fallen by nearly 97%.
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HNT is currently trading around $1.61, which is a two-month low.