Helium’s native token, HNT, plummeted to two-month lows after it was delisted on Binance.us, the latter announced on Monday.
The delisting is set to take place on 21 March. News of the measure plunged the token’s value 20 percent to $2 USD.
Binance.us explained in a statement it regularly reviewed digital assets to “ensure that it continues to meet the standard of excellence we expect.”
It continued: “When a digital asset no longer meets our high standards, or industry circumstances change, we conduct a more in-depth review of the affected asset and assess whether further action is necessary (i.e. delisting).”
Responding to the move, the Helium Foundation said,
“While the Helium Foundation is disappointed that Binance.US has decided to take this action in advance of the migration, we understand their position. Helium’s migration to Solana is significant, and a first for the industry – on par with Ethereum’s transition from proof-of-work to proof-of-stake.”
The news comes as Helium plans to migrate to the Solana blockchain. The Foundation added it would wrap up the transfer on schedule and launch on 27 March.
Despite this, Binance’s global exchange, Binance.com, will continue to list the exchange. Helium’s Network offers wireless hotspots organised as a decentralised grid, rather than mobile data and other connectivity services. Powered by cryptocurrencies, the infrastructure offers HNT tokens as rewards for participants in the network.
