Binance Announces Delistings Project Alleges An Unreturned Listing Deposit

The bitcoin exchange Binance stated on December 15 that four tokens, including Mithril (MITH), Tribe (TRIBE), Augur (REP), and Bitcoin Standard Hashrate Token (BTCST), would be delisted from the exchange as of December 22, 2022, for failing to satisfy the “high level of standard we anticipate.”

Twitter accounts from the decentralized social media platform Mithril, whose tokens had a market cap of less than $10 million at the time of publication, posted the following message right away after the announcement:

“Today, Binance has announced that it will delist MITH. As part of the MITH listing, Binance required a 200,000 BNB [$52.7 million at the time of publication but $1.916 million at the time of initial MITH listing] deposit, which was never returned. On behalf of the Mithril community, we ask @cz_binance to return this deposit so that Mithril may continue to operate.”

Users initially criticized the Mithril Twitter account since it had been inactive for almost two years, with the last post occurring on January 7, 2021. At the time of publication, the project’s main website looks unavailable.

However, the issue appeared more sophisticated than initially understood. In an initial listing document published by Binance dated Nov. 15, 2018, the exchange stated: 

“Binance will open trading for MITH/BTC and MITH/BNB trading pairs at 2018/11/15 2:00 PM (UTC). Users can now start depositing MITH in preparation for trading. The Mithril team will donate a 20,000 BNB equivalent amount to the Blockchain Charity Foundation in appreciation for this listing.

Earlier in 2019,  Binance had approached freshly listed cryptocurrency projects with offers of compensation, which the exchange later refuted as “listing fees.” The aforementioned rules have since changed.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News