One of the biggest cryptocurrency exchanges worldwide, Binance, has introduced monitoring tags for highly volatile cryptocurrencies to control risk actively. Exchange officially announced on Monday that 11 altcoins, including Balancer (BAL), Cortex (CTXC), Power Pool (CVP), Sun (SUN), and Dock (DOCK), had acquired these tags because of their notable price swings relative to other listed cryptocurrencies.
Binance claims these tokens will be attentively watched under frequent assessments to evaluate their market stability and adherence to exchange criteria. Applying monitoring tags shows Binance’s dedication to shielding investors from possible hazards connected to volatile assets.
Emphasizing the great dangers of trading these assets, including legal and regulatory uncertainty, technological hurdles, and market volatility, Exchange said, “These tokens are no longer meeting our listing criteria and are being flagged for monitoring.”
Binance Sets Criteria For Removing Monitoring Tags On Volatile Tokens
Binance listed particular exemption conditions for tokens to have perhaps their monitoring tags removed shown dedication to project development, active trading volume and liquidity, opposition to fraudulent activity, and regulatory compliance adherence.
In a noteworthy action, Exchange also deleted monitoring tags from two cryptocurrencies, Enzyme (MLN) and Horizon (ZEN). This shows a dynamic strategy for monitoring and controlling listed assets based on continuous assessments.
Beginning in July 2023, Binance introduced monitoring tags to inform consumers about the dangers connected to extremely volatile coins. Previously running tests for consumers looking to trade these tokens, Exchange ensures customers are aware of the possible hazards prior to making purchases.
Underlining its proactive approach to preserving market integrity and user protection, Exchange had already applied monitoring tags to tokens, including Bitshares (BTS), FTX Token (FTT), Linear (LINA), OmiseGo (OMG), and Tornado Cash ( TORn), before the recent additions.
Market players are recommended to keep updated about updates and criteria changes influencing listed cryptocurrencies as Binance keeps improving its token listing and monitoring method.
