(CTN News) – Binance, the largest cryptocurrency exchange, has recently implemented “Monitoring Tags” on a new batch of cryptocurrencies, including Monero, Zcash, and eight others.
These tokens are now at risk of being removed from Binance’s listings as they may no longer meet the exchange’s criteria.
On January 4, Binance made an official announcement regarding the expansion of its Monitoring Tag list. Ten additional cryptocurrencies have been included in this list, namely Aragon (ANT), Firo (FIRO), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), Vai (VAI), Monero (XMR), Zcash (ZEC), and Horizen (ZEN).
The reason behind this move is that these assets are considered to have higher risk levels compared to other listed assets. As a result, Binance will closely monitor and regularly review these tokens to ensure they meet the exchange’s criteria.
The news of these Monitoring Tags has had a significant impact on the prices of Monero (XMR) and Zcash (ZEC). Monero has experienced an almost 8% drop in the past 24 hours and a more than 12% drop throughout the week.
Zcash, on the other hand, has seen a 25% decrease in the past seven days, according to data from Coinmarketcap.
To gain trading access to these tokens spot and margin platforms, users will now be required to pass quizzes every 90 days. These quizzes aim to ensure that users are aware of the risks associated with trading these assets.
It’s worth noting that many of the tokens labeled with Monitoring Tag have also faced restrictions from other exchanges. For example, OKX has announced the delisting of several trading pairs for ANT, XMR, ZEC, and ZEN tokens.
In addition to the Monitoring Tags, Binance has also removed GMX and SUSHI tokens from the Seed Tag. The Seed Tag represents tokens from new and innovative projects that are subject to higher market volatility.
This move indicates that Binance is taking steps to mitigate risks associated with these tokens as well.
Overall, Binance’s implementation of Monitoring Tags on these cryptocurrencies reflects the exchange’s commitment to maintaining a safe and compliant trading environment for its users.
By closely monitoring and reviewing these assets, Binance aims to protect its users from potential risks and ensure the integrity of its platform.