Binance Adds Monitoring Tags to Balancer, SUN, Status, and Others, Here’s Implication

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As an experienced analyst, I believe that Binance’s expansion of monitoring tags for certain tokens is a proactive measure to ensure the safety and security of its users. The exchange’s thorough review process highlights its commitment to maintaining high standards and weeding out projects with potential risks. The addition of tokens like Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), and Status (SNT) to the monitoring tag list is a testament to this.

Binance, a leading cryptocurrency exchange, has revealed plans to add more tokens to its watchlist feature.

As an analyst, I’ve reviewed the updated list of tokens tagged in our system. The following tokens have been added: Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), and Status (SNT). Previously, Enzyme (MLN) and Horizon (ZEN) were removed from this list.

Binance Monitoring Tags: Product of Proactive Review

As a researcher studying the trading activities on the exchange, I’ve discovered that we’ve chosen to expand the duration of our monitoring tag following a comprehensive assessment. It’s important to mention that the coins added to our Binance surveillance list display greater volatility and risk in contrast to their listed counterparts. However, they are not permanently included; routine evaluations lead to their removal if necessary.

As a crypto investor, I closely examine various factors when evaluating potential projects. These elements include the dedication and sincerity of the team towards their project, the intensity and sophistication of development efforts, and the volume and liquidity of trading. Furthermore, I consider the network’s stability and security against attacks, as well as the overall reliability of the smart contracts. Based on these assessments, tokens that fail to meet Binance’s stringent standards are swiftly removed from consideration. Conversely, those that pass are welcomed into the esteemed list.

Users were reminded by the cryptocurrency exchange on July 1 that tokens labeled as “Monitoring” may no longer adhere to the platform’s listing requirements and could be removed.

As a researcher studying the Binance platform, I’ve discovered that in order to access tokens with monitoring tags, users, whom I refer to as “Binance participants,” are obligated to complete a mandatory quiz every 90 days on both the Binance Spot and Binance Margin platforms. The implementation of these quizzes is aimed at enhancing user awareness regarding the inherent risks associated with investing in the designated tokens. It’s essential for participants to not only pass the quizzes but also accept the Terms of Use of the platform.

As a crypto investor, I can tell you that in addition to exploring the Binance Spot and Margin trading sections, it’s essential to check out the monitoring tags on the Markets Overview page. To identify the tokens adorned with these tags, simply look for the risk warning banners that appear alongside them.

Binance Delists OMG, XEM, and WNXM

In recent weeks, Binance has been undergoing significant reorganization in response to regulatory pressures. Approximately a month ago, the exchange disclosed its intention to take off OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM) from both its main trading and margin markets. These tokens were subsequently delisted at 03:00 UTC on June 17.

Surprisingly, XEM, OMG, and WNXM were removed from Binance due to their inability to comply with industry norms and prerequisites. Notably, token holders possessing these digital assets have until September 17 to withdraw them from the platform. Previously, Binance had already taken action by eliminating these tokens from Binance Simple Earn, Finance Auto-Invest, and Binance Loans before publicly announcing the delisting date.

More such actions are likely to come up in the second half of 2024.

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2024-07-01 13:36