In response to customer demand, leading cryptocurrency exchange Binance launched trading support for the community-led Steem (STEEM) hard fork Hive (HIVE) on April 27.

HIVE tin can at present exist traded against Bitcoin (BTC), Tether (USDT), and Binance Coin (BNB), however, withdrawals and deposits will not go live until April 29.

While Huobi's recently introduced back up for HIVE skyrocketed the token's price over 600% in 3 days, Binance'southward declaration appears to have resulted in a surly pull-back — with HIVE dropping twenty% from $0.95 to $0.75 over the by xi hours.

Binance lists HIVE subsequently voting controversy

The proclamation comes the month subsequently Binance and Huobi mobilized customer funds to back up Tron founder and new Steemit Inc owner Justin Sun'south apparent attempted takeover of the Steem network — ousting Steem's block validators in favor of Lord's day.

Yet, the exchanges claimed that they were misled by Justin Sun as to the nature of what they were voting on, and quickly withdrew their votes. CZ claimed that he had been fabricated aware of an upcoming upgrade that he had supported.

In later statements, CZ admonished Sunday, saying:

"Justin didn't talk to me nigh it really. My internal team said it was a necessary network upgrade, so I said go ahead. In that location are network upgrades all the fourth dimension, and we are always supportive."

CZ continued, saying: "I told him already direct, explicate what you are trying to do to the community and get support first, then practise it. Transparency works."

Apparent takeover sparks resignations from Steem

In an interview with Cointelegraph, OpenOrchard CEO and quondam Steemit Inc head of communications, Andrew Levine, stated that the situation where Huobi and Binance supported Sun'south takeover comprised the catalyst for his resignation.

"It became intolerable once we saw what happened with the exchanges. That was a blackness swan event for us," Levine said, continuing:

"When I saw that the exchange had gotten involved in governance and not just one exchange, once we saw that, it really shattered our conception of the blockchain infinite. It really had a massive affect on u.s.."

Former Steem developer is willing to put past behind him

When asked how he would feel well-nigh HIVE being listed on Huobi and Binance, the developer said:

"I have no problem with Hive being listed on those exchanges — you always want your tokens on exchanges, at that place are customers in that location, there are people who want your token — you want your users to take options."

Levine noted that the situation comprised an "extremely rare event," also acknowledging that Steem'due south "disruptive" Delegated Proof-of-Pale governance model played a part in facilitating the takeover. He said:

"When you lot have exchanges out at that place where the executives are overseeing hundreds of tokens, each with their own crazy governance models, information technology should have been taken into account at launch, 'hey, people aren't going to sympathise the nuances of this.'"