By
Bhushan Akolkar
July 3rd, 2024
Binance has been carrying out a lot of this type of restructuring in recent weeks amidst the regulatory challenges it is facing.
Top cryptocurrency exchange Binance has announced the expansion of tokens on its monitoring tags page.
The tokens bearing this tag now include Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), Status (SNT) and Sun (SUN). This is in addition to the removal of Enzyme (MLN) and Horizon (ZEN).
Binance Monitoring Tags: Product of Proactive Review
The exchange decided to extend its monitoring tag after a thorough review. It is worth noting that the tokens that make it to the Binance monitoring tag list are those that exhibit higher volatility and risks when compared to their listed counterparts. However, they do not remain on the list forever, especially after a regular review.
The review is usually based on a few criteria including the commitment of the team to the project, level and quality of development activity, trading volume, and liquidity. It also involves stability and safety of the network from attacks and the network/smart contract stability amongst others. Upon close monitoring, tokens that fall short of Binance standards are immediately removed from the list while those that meet the criteria are also added.
“Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform,” the cryptocurrency exchange informed its users on Monday, July 1.
“Binancians” who are interested in gaining access to the tokens with monitoring tags are required to pass a designated quiz every 90 days on the Binance Spot and/or Binance Margin platforms. The quizzes were added to ensure that users are aware of the risks involved in plunging their investments in the listed tokens with monitoring tags. These users will also need to accept the Terms of Use of the platform.
Apart from the corresponding Binance Spot and Binance Margin trading pages, users can also find the monitoring tags on the Markets Overview page. One way to identify the tokens with the monitoring tags is the display of a risk warning banner.
Binance Delists OMG, XEM, and WNXM
Binance has been carrying out a lot of this type of restructuring in recent weeks amidst the regulatory challenges it is facing. Almost a month ago, the exchange announced the removal of OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM) from its spot and margin outlets. The tokens were later delisted at 03:00 UTC on June 17.
OMG, XEM, and WNXM were delisted for failure to meet industry standards and requirements. Holders of these tokens still have until September 17 to withdraw their tokens from the platform. Markedly, Binance had already delisted the tokens from Binance Simple Earn, Finance Auto-Invest, and Binance Loans weeks before it officially announced the delisting date.
More such actions are likely to come up in the second half of 2024.