- Mithril asked Binance to refund the earlier deposited $53 million worth of BNB tokens.
- The delisting news led the Mithril price to fall over 30% to $0.0087, at press time.
Binance exchange announced on Wednesday that under its periodical review, it plans to delist these tokens: Mithril or MITH, TRIBE, Augur or REP, and Bitcoin Standard Hashrate Token or BTCST, on December 22, 2022.
MITH/USDT, TRIBE/BUSD, REP/USDT, and BTCST/BUSD are the exact trading pairs which will be removed from Binance.
Binance conducts an in-depth review and potentially delists the coins or tokens which fail to meet its high-level standards.
MITH then went on to request a repayment of the earlier deposited 200,000 BNBs (or $52.8 million) from Binance to sustain its operations.
Putting forward the said request, MITH tweeted:
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.
— MITH (@mithdotio) December 15, 2022
⁰On behalf of the Mithril community, we ask @cz_binance to return this deposit so that Mithril may continue to operate.
Mithril continued to put forward their case via a subsequent tweet reasoning to have had a long history of working with Binance. Mithril reasoned to have been the debuting token to list on the Beacon Chain (BEP2) network, and to also have donated to Binance Charity.
Responding to MITH’s request tweet, Binance CEO, Changpeng Zhao or CZ Binance, tweeted to have reviewed the said request. Supporting the delisting decision, CZ Binance cited a contract clause for the reference of MITH and the community.
CZ Binance specifically pointed out that the said ‘Insurance Deposit’ is meant to motivate builders to build with confidence. He went on to clarify that the MITH token’s price was even below the trigger levels.
CZ Binance stated that MITH hasn’t tweeted to or updated their community for 2 years. He also flagged the issue of the Mith.io website not actively functioning at press time. The Binance CEO fully supported team Binance’s decision to delist MITH.
The criteria used by Binance to assess the coins or tokens are team commitment towards the project, quality and level of developments. Trading volume and liquidity, network stability and safety from attacks are equally vital for Binance.
Binance also assesses network or smart contract stability, public communication level, and responsiveness towards due diligence requests at regular intervals.
Lastly, fraudulent conduct, and contribution to a sustainable crypto ecosystem are gauged by Binance.
