- Binance puts ten coins, including privacy tokens XMR, ZEC, FIRO, and ZEN, on a watchlist for potential delisting.
- The tokens display higher volatility and risks than other listed tokens.
- Binance users must pass a quiz to demonstrate awareness before trading tokens on the watch list.
In a recent announcement, crypto exchange Binance disclosed several new additions to its list of monitored tokens, with many notable privacy-focused projects targeted. Specifically, Binance has identified privacy coins Monero (XMR), Zcash (ZEC), Horizen (ZEN), and Firo (FIRO), attaching a “monitoring tag” to them for potential delisting.
Binance explained that tokens marked with this tag display higher volatility and risks than other listed tokens. The exhibited volatility put them at risk of not meeting the exchange’s listing criteria.
The exchange stated that regular reviews would be conducted on these tokens, considering trading volume, liquidity, and overall stability. Additionally, the project team’s responsiveness to periodic due diligence requests will be assessed during these reviews.
Furthermore, Binance has outlined that users must pass a quiz to demonstrate awareness of the risks of trading tokens with the monitoring tag. While trading remains unaffected, other services related to these tokens may undergo scrutiny.
In an interview, Reuben Yap, the co-founder of FIRO, a token under Binance monitoring, claimed that the monitoring tag had been applied due to increased regulatory pressure. Yap mentioned ongoing discussions with Binance since September 2023 and expressed positivity towards the exchange’s reception of their proposal to implement Exchange Addresses.
Binance had previously grappled with listing privacy coins in specific regions, initially announcing the delisting of coins like XMR and ZEC in France, Italy, Poland, and Spain in May 2023. The exchange later reversed the decision on some tokens, albeit with a monitoring tag.
In its latest update on tokens placed under monitoring, Binance has included ten additional tokens. This list comprises Aragon (ANT), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), Vai (VAI), and the privacy projects mentioned above.
It is worth mentioning that Monero and Zcash rank among the leading privacy-based crypto projects, with market cap of $2.89 billion and $400.55 million, respectively.
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