Binance CEO Changpeng Zhao explained why the exchange chose not to refund the deposit of 200,000 BNB to Mithril after delisting its token yesterday.
Blockchain project Mithril said it deposited 200,000 BNB to Binance in 2018 — about $1 million at the time — as part of the exchange’s listing process. But the project fell out of favor and was delisted yesterday. The value of these deposited tokens is currently worth more than $50 million, which the team demanded back.
The Binance chief broke down why the exchange decided to keep Mithril’s deposit. Zhao implied the team made the right decision (of not releasing the deposit), claiming it acted within its right. He said on Twitter that since the website of the project was offline, the Mithril team violated the listing terms.
(By Vishal Chawla)
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