The world’s largest crypto exchange, Binance, recently announced it would be delisting some tokens that were no longer meeting the standards. Mithril token was delisted alongside Tribe, Augur, and Binance Hashrate Standard Token.
On that note, Mithril has demanded a refund of 200,000 BNB, which it deposited in the exchange in 2018.
Announcing this in a Twitter post, Mithril stated it deposited 200,000 BNB as part of the MITH listing on Binance, and the exchange never returned the money. As such, it requests that Binance returns the deposit to enable the continued operation of Mithril. This deposit is reportedly worth about $53 million.
Mithril has a long history of working with Binance since 2018. It was the first token listed on BNB Beacon Chain (BEP2) network. Mithril also donated to Binance charity and participated in certain Binance initiatives based on partnerships and informal requests.
However, since the exchange has unilaterally decided to end the partnership, it is asking that the deposit be returned. Mithril has been inactive for almost two years. Its last Twitter post was made on January 7, 2021.
According to an announcement by Binance,
“When a coin or 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.”
A variety of factors are considered when conducting this review, including a team's commitment to projects, level, quality of development activity, trading volume and liquidity, stability and safety of network from attack, networks, and smart contract stability.
Mithril is lacking in almost all the requirements. Following its delisting, the Mithril token is down by about 29% and has a market cap of about $8.7 million.
