Last month, the Commodity Futures Trading Commission (CFTC) charged Ooki’s founders and governance DAO (decentralized autonomous agency) with numerous violations, including illegal digital asset margin trading and a lack of compliance with the Bank Secrecy Act. regulators, according to a 2020 Forbes report, Binance has since opted to delist some currencies that were deemed securities by the SEC.īinance also limited trading pairs for Ooki Protocol on Thursday. And while the exchange once schemed to evade U.S. Binance suspended spot trading for LUNA this May, after the Terra Luna crash cost countless investors their savings. In the past year, major exchanges have curtailed tokens in light of controversy and government regulation. The SEC did not respond to a request for comment. Helium’s delisting is “going to attract attention and cause people to ask questions as to why,” she told Forbes.
Community sleuths have theorized that Binance partially delisted Helium as a result of its threatened HNT liquidity, though it remains unclear how Binance would recover its losses by penalizing HNT trading.Įxchanges like Binance delist tokens for multiple reasons, sometimes after being informed of an investigation or enforcement from an agency like the Securities and Exchange Commission, said Carol Van Cleef, chair of the Blockchain and Digital Assets practice at the law firm Bradley. Traders also wondered if the move stemmed from a September scandal wherein Binance mistakenly classified another one of Helium’s less valuable tokens as HNT, causing the exchange to transfer 4.8 million HNT to users at a loss of approximately $19 million. When asked if the two were linked, Binance told Forbes its action against Helium’s token was unrelated. On a Discord server for discussing Helium trading, members speculated the change could be connected to Binance’s recent decision to stop supporting certain competing stablecoins. Community members received only a terse reply from a moderation bot: “No discussion on exchanges here, please see #rules.” “Is it safe to hold HNT in Binance or not?” one user wrote Thursday. Nova Labs, whose founders created the Helium network, which is backed by the likes of Andreessen Horowitz and Multicoin Capital, declined to comment on the record.Ĭonfused members of Helium’s Discord community peppered the company with requests for an explanation following the Binance announcement. We hope Binance reverses course and re-lists the other HNT trading pairs soon.” Sigel continued: “There are dozens of other exchanges that continue to support HNT.
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