Following a routine delisting operation, Mithril (MITH), a cryptocurrency project in the Ethereum ecosystem, requests a refund from Binance, the largest exchange by daily traded volume. Investors’ reactions to the news caused the platform’s token, MITH, to lose more than 30% of its value.
Four tokens, including MITH, have been delisted by Binance. The Binance exchange stated on Thursday that it would no longer facilitate the purchasing and trading numerous projects, including MITH, TRIBE, REP, and BTCST. According to the statement, the choice to remove these tokens from the exchange followed a check to make sure all assets complied with the required requirements.
“We perform a more in-depth evaluation and may delist it when a currency or token no longer satisfies these criteria, or the industry evolves,” said Binance. “This evaluation is conducted regularly utilizing, among other important signals, signs of the team’s dedication to the project, trading volume and liquidity, and network stability and safety.”
The trade pairings MITH/USDT, REP/USDT, TRIBE/USDT, and BTCST/BUSD are not accessible. Additionally, deposits made after December 23, 2022, at 1:00 (UTC), will not be applied to users’ accounts.
Mithril demands 200,000 BNB from Binance.
The Mithril team sought the exchange to refund the 200,000 BNB it had received in 2018 after learning that Binance was delisting MITH amid FUD surrounding the firm. Mithril claims that the stability and functioning of the project depend on this $53 million investment.
Through a Twitter conversation, Mithril clarified that the project has worked with Binance on several initiatives since 2018, including the Binance Charity. The first token to debut on the BNB Beacon Chain was MITH (BEP2 network). The delisting action has broken this link, and Mithril seeks a reimbursement.
The general public knows how Binance used the 200,000 BNB from Mithril. However, an exchange blog post from four years ago reveals that the cryptocurrency project sent 20,000 BNB to the Blockchain Charity Foundation as a thank-you gift for the listing. Furthermore, project listing fees are not a practice that Binance is renowned for.