Binance chief explains Mithril delisting

Binance chief explains Mithril delisting and deposit dispute.

Binance CEO Changpeng Zhao answered Mithril’s team’s complaints about the delisting of the project’s token and the request to return the deposit of 200,000 BNB (approximately $50.7 million).

Your token price is way below the trigger levels. Reading the comments. Your website is offline. I believe our team has made the right decision and acted fully within our right to do so. Regards. 2/2

— CZ 🔶 Binance (@cz_binance) December 16, 2022

On December 15, the exchange объявила the cessation of trading for several coins, including Mithril (MITH).

The project’s developers said that at listing in 2018 they deposited 200,000 BNB and asked Zhao to return it. They noted that they had collaborated with the Binance team on an informal basis, donated to the company’s charitable initiative, and that MITH was the first token listed on the BNB Beacon Chain network.

2/ Mithril has had a long history of working with Binance since 2018 as the first token to list on BNB Beacon Chain (BEP2) network, donated to Binance Charity, and collaborated on other Binance initiatives based on partnership and informal requests.

— MITH (@mithdotio) December 15, 2022

«Given that Binance unilaterally decided to terminate this partnership, the Mithril developers said, ‘We respectfully request the return of our deposit of 200,000 BNB.’

The project’s deposit amount at listing was about $2 million. Since then it has grown to about $50.7 million (CoinGecko).

«I reviewed this after seeing your post. Here is the contract clause for your (and community) reference. We usually observe confidentiality, until you broke it. The Insurance Deposit is there to encourage builders to continue to build», Zhao wrote.

I reviewed this after seeing your post. Here is the contract clause for your (and community) reference. We usually observe confidentiality, until you broke it. The Insurance Deposit is there to encourage builders to continue to build. 1/2 pic.twitter.com/OX34TOmD1g

— CZ 🔶 Binance (@cz_binance) December 16, 2022

In his words, Binance’s decision to delist MITH was taken in accordance with the rules.

«Your token price is below the trigger levels. Read the comments. Your website is down. You have not written or updated your community for almost two years», Zhao added.

Before the thread addressed to him, the project’s last tweet was dated January 7, 2021. It concerns the listing of MITH on the ACE exchange.

According to CoinGecko, the Mithril token trades around $0.008. Its price has fallen by 99.8% from the April 2018 peak of $3.82.

In March 2020 the coin price fell to $0.002.

Back in April 2019, MITH became the first token listed on Binance’s decentralised platform.

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