From the allege role it played in the collapse of FTX, and the re-introduction of Proof of Reserves to the concerns raised by crypto natives and auditing firms refusing to take up any Proof of Reserve engagement for crypto firms, Binance has been on the news for several reasons.
Again, Mithdotio, the team behind the $MITH token, recently called out Binance to make a refund of 200,000 BNB it deposited for $MITH to be listed on Binance. Why? Binance made an announcement that, on
December 22, 2022, 09:00 (UTC), several tokens which do not meet up with the company’s demands be delisted.
Binance also mentioned Tribe (TRIBE), Augur (REP), and Bitcoin Standard Hashrate Token (BTCST) and all trading pairs – MITH/USDT, TRIBE/BUSD, REP/USDT, and BTCST/BUSD – related to each token to be delisted from the exchange.
According to the announcement, users are advised to withdraw their assets on or before 2023-03-23 at 01:00 (UTC); all loans will be affected; Binance Gift Cards will delist the token at 2022-12-21 09:00 (UTC); Binance Simple Earn and Binance strategy trading services for the tokens mentioned will be deactivated at 2022-12-19 09:00 (UTC) and 2022-12-22 09:00 (UTC) respectively.
Refunds for Mithril (MITH) token and FTX
In response to the refund request by Mithdotio, CZ tweeted that the MITH token didn’t meet up with the standards of tokens that should be listed on Binance. “Your token price is way below the trigger levels. Reading the comments. Your website is offline,” CZ noted.
The CEO of Binance also explained that the Insurance Deposit made by Mithdotio is still accessible for builders to keep developing.
In another case involving the largest exchange in the world, CNBC’s Andrew Ross Sorkin and Becky Quick pressed asked the CEO of Binance if the company will return the $2.1 billion it received from selling its investment in FTX if during the FTX hearing, there are proofs based on the US bankruptcy code to return the money. His response was that Binance’s lawyers will take care of such issues.
Furthermore, there are reports that some US politicians who receive donations from FTX have begun to return the money received, and others are still in the process of making that decision. Karine Jean-Pierre, White House Press Secretary explained that she has no idea if President Joe Biden will return donations he got from FTX or not.
All issues around refunds related to Binance are still under contention. The question is, if found legal, will Binance return the FTX “investment” returns?
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