Binance Adds Monitoring Tag to 11 New Tokens, Hinting Possible Delisting
Leading crypto exchange Binance announced today that it has added 11 tokens to its Monitoring Tag amid concerns about risks and high volatility. The exchange also highlighted two tokens that are being removed from the list.
11 Tokens Added to the Monitoring Tag
Binance’s Monitoring Tag marks tokens exhibiting “notably higher volatility and risks compared to other listed tokens.” The exchange’s team monitors these tokens and conducts frequent reviews to determine whether the Monitoring Tags will be removed.
These reviews include the project’s team commitment, the level of public communication, trading volume & liquidity, stability from security breaches, evidence of fraudulent activities, and responsiveness to Binance’s due diligence requests.
Binance added that tokens in its Monitoring Tag are on the verge of being delisted if they no longer meet its listing criteria. Delisting tokens is common among centralized crypto exchanges, determining that specific cryptocurrencies no longer meet the listing criteria.
To keep everyone informed, Binance mandates that users pass a quiz every 90 days before trading tokens under the Monitoring Tag. The announcement explained that these assessments help users stay informed about the risks tied to these digital assets. The tokens under the Monitoring Tags will also be displayed in the market overview with identifiable labels, including a risk warning label.
The Monitoring Tag list is updated every first week of a new quarter (January, April, July, and October). At the time of writing, Binance has added 27 tokens to this list, excluding the 11 newly added tokens. Among these 27 tokens are the infamous FTX’s FTT token and the recently scrutinized privacy token Zcash.
Two Tokens Excluded
While enlisting 11 tokens under its Monitoring Tag, Binance noted that it would remove two from this list—Enzyme (MLN) and Horizen (ZEN). Removing these tokens from the list implies they have again aligned themselves with the exchange’s expectations for crypto projects.
Interestingly, both tokens saw significant price increases following Binance’s announcement that they would be removed from the Monitoring Tag.
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