- Binance expands its risk monitoring tag to include tokens like BETA, BOND, WTC, and XEM.
- The exchange stated the tokens with the monitoring tag exhibited higher volatility and could no longer meet a listing condition.
- At least 31 coins are currently under surveillance, with a nearly $2 billion market valuation.
In a recent statement, the largest trading platform, Binance, announced its plan to extend the risk tag it gives to certain digital assets to encompass several additional tokens. The exchange noted that effective on October 4, 2023, the tokens that will be added to the Monitoring Tag list include Beta Finance (BETA), BarnBridge (BOND), Waltonchain (WTC), and NEM (XEM).
Binance mentioned that the expansion of the Monitoring Tag comes in response to recent assessments, which have identified the need to include more tokens under enhanced scrutiny. For context, tokens carrying the monitoring or risk tag are known for their elevated volatility and associated dangers compared to other tokens listed on the platform.
Consequently, Binance subjected the tokens to close monitoring and regular reviews. Moreover, the exchange noted that such digital assets may face the possibility of no longer meeting its listing criteria. In this regard, Binance stated the coins would be delisted from its trading platform.
Based on information on the Binance website, 27 tokens were under surveillance with a potential risk of delisting; the incoming addition brings the new total to 31. Notably, the tokens include the digital assets of the bankrupt FTX (FTT) and Voyager (VGX) trading platforms.
It also included the token of the repeatedly hacked crypto firm Multichain (MULTI). Cumulatively, the cryptocurrencies have a market valuation of nearly $2 billion with a 24-hour trading volume of over $344 million.
Meanwhile, for users seeking to trade tokens marked with the Monitoring Tag, Binance has established a requirement. It stated that every 90 days, the traders must pass the corresponding quizzes on the Binance Spot and Margin platforms and accept the Terms of Use.
According to the exchange, these quizzes have been designed to ensure that users fully comprehend the risks of trading tokens carrying the Monitoring Tag.
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