Mdex

Keep3rV1

Horizen

SushiSwap

Spot

In a strategic move to enhance transparency and provide users with a more comprehensive understanding of listed tokens, Binance, one of the world’s leading cryptocurrency exchanges, is set to introduce significant updates to its token classification system. As part of this initiative, Binance will expand the monitoring tag to include more tokens while simultaneously removing the Seed tag for selected tokens.
<h2 class="wp-block-heading" id="binance-places-monitoring-tag-on-10-crypto-assets">Binance places ‘monitoring tag’ on 10 crypto assets</h2>
<a href="https://www.binance.com/en/support/announcement/binance-will-extend-the-monitoring-tag-to-include-ant-firo-kp3r-mdx-mob-reef-vai-xmr-zec-zen-and-remove-the-seed-tag-for-gmx-sushi-on-2024-01-04-fd710b5e647c480ab9fe2d87e3cd4b39" rel="noopener noreferrer nofollow" target="_blank">Binance announced</a> plans to expand the Monitoring Tag coverage to include ten additional assets beginning in January. This plugin now includes Monero (XMR) and Zcash (ZEC).
According to a press release, the newly added tokens to the Monitoring Tag list include Keep3rV1 (KP3R), Reef (REEF), Aragon (ANT), Firo (FIRO), MobileCoin (MOB), Mdex (MDX), Vai (VAI), and Horizen (ZEN).&nbsp;
Concurrently, Binance will remove the Seed Tag from GMX (GMX) and SushiSwap (SUSHI).
<blockquote class="wp-block-quote">
 Tokens with the Monitoring Tag exhibit notably higher volatility and risks compared to other listed tokens […] These tokens are closely monitored, with regular reviews conducted. 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. <cite>Binance</cite>
</blockquote>
The move coincides with Binance’s intensified efforts to improve risk management following its admission to a slew of offenses in late 2023, including money laundering and failing to comply with US Securities and Exchange Commission (SEC) know-your-customer (KYC) laws.
Notably, some of these tokens, such as Monero, Horizon, and Zcash, are privacy tokens and projects that have come under fire from exchange platforms for their concentration on anonymity, with OKX recently discontinuing support and delisting many trade pairs.
<h2 class="wp-block-heading" id="here-s-more-and-the-future-includes">Here’s MORE!! And the future includes…</h2>
OKX also took action against coins such as ANT, XMR, ZEC, and ZEN last week. OKX announced the removal of many trading pairs from its platform, including ANT-USDC, XMR-BTC, XMR-ETH, XMR-USDT, XMR-USDC, ZEC-BTC, ZEC-USDT, ZEC-USDC, ZEN-BTC, and ZEN-USDT.
Binance highlighted that tokens with the ‘Monitoring tag’ are subject to strict scrutiny due to their high volatility and are subject to regular checks to ensure compliance with listing rules. The platform warned users that failing to achieve these standards could result in tokens being delisted. The exchange adds:
<blockquote class="wp-block-quote">
 To gain trading access to tokens marked with the Monitoring Tag or Seed Tag, users will need to pass the corresponding quizzes every 90 days on the Binance Spot and/or Binance Margin platforms, and accept the Terms of Use. The quizzes are set up to ensure users are aware of the risks before trading tokens with the Monitoring Tag or Seed Tag.
 Users may find Monitoring Tags and Seed Tags on the corresponding Binance Spot and Binance Margin trading pages, as well as on the Markets Overview page. A risk warning banner will also be displayed for all tokens with the Monitoring Tags and Seed Tags. <cite>Binance</cite>
</blockquote>
All hope is not lost. Binance will conduct project assessments on a regular basis to determine whether the Monitoring Tag and Seed Tag should be added to or removed from tokens based on its current results. During the review, the following criteria are taken into account:
1. Commitment of team to project
2. Level and quality of development activity
3. Trading volume and liquidity
4. Stability and safety of network from attacks
5. Network / smart contract stability
6. Level of public communication
7. Responsiveness to our periodic due diligence requests
8. Evidence of unethical/fraudulent conduct or negligence
9. Contribution to a healthy and sustainable crypto ecosystem
As a result,<a href="https://www.cryptopolitan.com/binance-monthly-market-insights-for-jan-2024/" rel="noopener noreferrer nofollow"> Binance</a> assures customers that other services relating to these tokens will not be impacted. The changes to the selected tokens’ Monitoring Tags and Seed Tags will be implemented immediately after the press release.

Binance adds monitoring tags to these 10 tokens

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