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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Binance Coin Facing Massive Sell Pressure? Mithril Team Wants 200,000 BNB Back

Jake Simmons
Jake Simmons
2 years ago
2 mins read
binance

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In an announcement today, Binance declared that based on recent reviews, it has decided to delist the Mithril (MITH), Tribe (TRIBE), Augur (REP) and Bitcoin Standard Hashrate Token (BTCST) tokens on December 22, 09:00 (UTC) and cease trading on all trading pairs.

As stated in a blog post about the matter, Binance periodically reviews the standards for a listing on the exchange. If a token no longer meets that standard, “we will conduct a more thorough review and potentially delist it,” Binance declared.

Factors in the review include the team’s commitment to the project, volume and quality of development activity, trading volume and liquidity, stability and security of the network from attacks, and stability of the network.

Will The MITH Team Be Able To Dump 200,000 Binance Coins (BNB)?

The Mithril team responded to the notice, disclosing that as part of the MITH listing, they had to pay a deposit of 200,000 BNB to Binance, which has not yet been returned.

On behalf of the Mithril community, we ask CZ to return this deposit so that Mithril may continue to operate.

The Mithril team wrote via Twitter that it has a long history of working with Binance since 2018 as the first token listed on the BNB Beacon Chain (BEP2) network. Furthermore, the team behind MITH claims that it has donated to Binance Charity and collaborated on other Binance initiatives based on partnerships and informal requests.

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Since Binance “unilaterally decided” to end the partnership, the Mithril team is asking for the return of the 200,000 BNB deposit. However, it is not clear at this time whether the request is justified.

At press time, CEO Changpeng Zhao had not yet commented on the matter. It is yet to be seen whether the Mithril team has a legal entitlement against Binance based on the contractual provision. Likewise, it also remains to be seen if the Mithril Team will dump the 200,000 BNB on the market in a single swoop.

53m of sell pressure incoming on bnb https://t.co/EZv9hEZrdx

— degentrading (@degentradingLSD) December 15, 2022

Crypto Community Slams Mithril

Supportive words for Binance and harsh criticism towards Mithril are coming from the Twitter crypto community. The tenor: the team has not delivered work for a long time, the last tweet is from January 2021, the website is not active and there is no whitepaper.

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Mithril says it is a decentralized social media platform on the Ethereum blockchain. It is designed to integrate with new and existing social media networks to reward content creators for contributions to the network.

At press time, BNB was trading at $264.80. Following the Binance speculations and FUD over the last few days, BNB is underperforming in the market. While BTC (+5%) and ETH (+3.8) are recording gains over the last seven days, BNB is down 7% in the same timeframe.

Binance BNB USD 2022-12-15
BNB price, 1-day chart. Source: TradingView
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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