Helium (HNT) crypto token fell to a two-month low following the announcement of its delisting from Binance.US. The cryptocurrency exchange cited a failure to comply with the regulatory requirements of the US Securities and Exchange Commission (SEC) as the reason for the delisting. Binance.US announced that trading of HNT will be halted on March 18, 2023, at 10:00 a.m. EST. The decision has resulted in a significant decline in the price of HNT, which is currently trading at $12.50, a 15% drop in the past 24 hours.
The delisting of HNT has raised concerns among investors about the regulatory scrutiny surrounding cryptocurrencies. The move by Binance.US comes amid increasing pressure from regulators in the US to enforce compliance with existing laws and regulations. The SEC has been cracking down on cryptocurrency exchanges that fail to comply with securities laws and regulations, which has resulted in several delistings in recent months.
Binance.US is not the first cryptocurrency exchange to delist HNT. In January 2023, Bittrex, another US-based exchange, delisted the token, citing regulatory issues. The delisting by Bittrex caused a temporary drop in the price of HNT, but the token was able to recover and reach new all-time highs in February 2023. However, the delisting by Binance.US is likely to have a more significant impact on the price of HNT, given the exchange’s large user base and trading volume.
Despite the delisting, the Helium network, which uses the HNT token, continues to gain adoption and expand its reach. The network enables the deployment of internet-of-things (IoT) devices, such as sensors and trackers, which use HNT to access the network and transmit data. The Helium network has been gaining popularity among enterprises and industries looking to leverage IoT for increased efficiency and productivity.
In conclusion, the delisting of HNT by Binance.US is a blow to the cryptocurrency and the wider crypto market, as it highlights the regulatory uncertainty surrounding cryptocurrencies in the US. However, the Helium network remains a promising technology with significant potential for adoption and growth. Investors and industry participants will be closely watching the developments in the regulatory landscape to gauge the future prospects of the cryptocurrency market.