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Binance announces completion of HIVE token distribution to STEEM holders

Image by Binance from Twitter

Wed, 25 Mar 2020, 14:11 pm UTC

Crypto exchange Binance announced that the completition of 'HIVE' tokens to STEEM holders.

Binance had already completed the hard fork of the STEEM blockchain initiated by Hive.io. A snapshot of the user STEEM balances was taken at a STEEM block height of 41,818,752 at approximately 2020/3/20 2:00 PM (UTC).

“We have now completed the distribution of HIVE tokens to STEEM holders at a ratio of 1 STEEM = 1 HIVE. Users can confirm receipt of the HIVE tokens via the ‘Distribution History’ page in the Wallet page. Please ensure that you have unticked ‘Hide Small Balances’ to view your HIVE tokens,” Binance wrote.

The exchange warned users ahead that STEEM balances under 1 STEEM are not eligible to receive the HIVE token. Also, a large number of HIVE tokens are still in a locked state on-chain along with their STEEM token counterparts. Binance will make further announcements when HIVE withdrawals are open.

As for trading and listing HIVE on the platform, Binance said that it will go through the same rigorous listing review process just like the other digital assets. Binance also noted that its support for HIVE’s hard fork does not guarantee the token’s listing.

Both Binance and Huobi supported the STEEM community’s hard fork to create the HIVE network. However, unlike Binance, Huobi said that it doesn’t want to be involved with HIVE after the hard fork and it has no plan to list the HIVE token.

The move ended the allegations that Binance and Huobi were conniving with Tron founder Justin Sun amid the community’s battle against Sun who bid to forcibly take over the STEEM network.

Binance apologized for being involved in the controversy and said that it hoped the STEEM community and Sun would reach a consensus.

“Binance stays neutral and has no interest in on-chain governance beyond the Binance ecosystem. We hold a supportive position of normal upgrade/hard fork and will continue to do so in the future,” Binance wrote in an open-letter addressed to the STEEM community.

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