Binance has announced it will delist $MITH, $Tribe, $Augur and Bitcoin Standard Hashrate Token on its exchange owning to a recent preliminary re-evaluation of listed tokens conducted on the protocol.
The official statement from Binance reads;
At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.
Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the following tokens at 2022-12-22 09:00 (UTC):
- Mithril (MITH)
- Tribe (TRIBE)
- Augur (REP)
- Bitcoin Standard Hashrate Token (BTCST)
Binance, consider a variety of factors before listing and delisting a token on the platform. Here are some that drive whether we decide to delist a digital asset:
- Commitment of team to project
- Level and quality of development activity
- Trading volume and liquidity
- Stability and safety of network from attacks
- Network/smart contract stability
- Level of public communication
- Responsiveness to our periodic due diligence requests
- Evidence of unethical/fraudulent conduct or negligence
- Contribution to a healthy and sustainable crypto ecosystem
After Binance announcement of delisting Mithril $MITH, the coin fell 23.24% in 24 hours. The project then tweeted that it was requesting a refund of the 200,000 $BNB it had at the time of listing on Binance, describing it as a deposit.
Some big Vs claim to have bought MITH because of its high technology. I took a look, Mitril last tweeted on January 7, 2021, and it’s Github account was last updated on July 13, 2021.
Listing on top Crypto Exchanges is not a success outlook for a project, whoever prints the money gets it. The delisted $Mith team asked Binance to return the 200K BNB he paid for the listing. The quality of the project doesn’t matter, the bribe you pay for the listing matters. The more scamming you are, the higher the price you have to pay.
Does Binance request for deposit or fees before listing a Token on its Exchange?
1/ Today, Binance has announced that it will delist MITH. As part of the MITH listing, Binance required a 200,000 BNB 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.
— MITH (@mithdotio) December 15, 2022
After the $Mith event, it is necessary to see what projects give to be listed. It emerges over time. Binance says give me this much money to the teams that wants to list and I’ll let you flash the supplies to the nation— plebs.
This is how the new ponzi business works; List some shitcoins, Ask for listing fees, Make money on them by trading fees— Add leverage to the mix. Then delist them after couple of years, Its just a casino.
$MITH fell -31.98% in 24h, average Crypto return was -1.72%. Previously, when MITH lost so much, it dropped -17.29% on average the next day.
After Huang Licheng’s coin MITH was delisted by Binance, he began to defend his rights and demanded the return of the 200,000 BNB deposit when it was listed. The announcement in 2018 showed that Mithdotio donated 20,000 BNB to the Binance Charity Fund at that time, so did it give 200,000 BNB or 20,000 BNB?
If there are only 20,000 pieces, this is a donation, and it is unreasonable to demand return. If there are another 180,000 pieces, it belongs to another “rule”.
MITH, claims 200k BNB ~$53M after Binance unilaterally announced its Delisting at 16h 22/12, causing token price to drop -40%. The token price has recovered 25% from the bottom. If there is any flip, it’s the pinnacle marketing.