Despite Hive Blockchain Technologies Ltd. requesting a cease and desist order to stop using its name, Binance has gone ahead and completed the distribution of ‘HIVE’ crypto tokens anyway.
Binance Carries on Regardless with ‘HIVE’
Binance announced on its blog a little over an hour ago that the hard fork of the Steem blockchain initiated by Hive.io was complete. It also explained that the distribution of HIVE tokens to STEEM holders had been finalized at a ratio of 1 STEEM = 1 HIVE.
$HIVE Distribution is Now Completehttps://t.co/aBfxzCGo13 pic.twitter.com/nMmzp9JSFM
— Binance (@binance) March 24, 2020
The post goes on to explain to users how they can confirm receipt of the HIVE tokens and the necessary steps to take. A few things to keep in mind: STEEM balances under 1 STEEM did not qualify for HIVE tokens and withdrawals are not open yet, so, stay tuned for that.
Moreover, the token distribution by Binance does not guarantee that HIVE tokens will be listed for trading on the Binance platform. Before that happens:
HIVE will go through the same strict listing review process as Binance does for any other coin/token. Supporting this hard fork does not guarantee the listing of HIVE.
But does that include not having cease and desist orders lodged against it?
Hive Blockchain Technologies Says Name Not for Use
Perhaps CZ’s team wasn’t aware of the cease and desist order from yesterday that states:
HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the “Company” or “HIVE”) announced today that its legal representation has requested that a new blockchain cease and desist from using the name Hive and Hive Blockchain for its new hard fork of the Steem blockchain
It goes on to say that using the same name is “intentionally or otherwise, confusing with the Company’s brand.” Moreover, being of a similar nature and in the same line of business, Hive Blockchain Technologies feels that the young upstart Hive.io is taking advantage of the company’s achievements as an “early leader” in the blockchain space:
This Blockchain’s use of the same brand in connection with similar goods and services also passes off on the goodwill that HIVE has developed
For now, it seems that the established company is not seeking conflict. The situation can be resolved by a simple name change. However:
Any continued usage by the Blockchain will only evidence an intentionally predatory, misleading and fraudulent strategy.
It looks like the ball’s in the new blockchain’s court as to how to proceed next. But the warning is pretty clear of what may lie ahead if it fails to rebrand. Bet Binance is also kicking itself for yet another skirmish with Steem.
Do you think Binance should remove HIVE tokens from its exchange? Add your thoughts below!
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