Binance Updates Monitoring Tag for Multiple Tokens Including BAL, CTXC, and CVX

Binance Updates Monitoring Tag for Multiple Tokens Including BAL, CTXC, and CVX

Binance, one of the world’s leading cryptocurrency exchanges, has announced an update to its Monitoring Tag list. Effective July 1, 2024, the platform will extend the Monitoring Tag to include eleven new tokens and remove it from two existing tokens, according to Binance.

Tokens Added to the Monitoring Tag

The tokens to be added to the Monitoring Tag list are:

  • Balancer (BAL)
  • Cortex (CTXC)
  • PowerPool (CVP)
  • Convex Finance (CVX)
  • Dock (DOCK)
  • Kava Lend (HARD)
  • IRISnet (IRIS)
  • MovieBloc (MBL)
  • Polkastarter (POLS)
  • Status (SNT)
  • Sun Token (SUN)

Tokens Removed from the Monitoring Tag

The tokens that will have the Monitoring Tag removed are:

  • Enzyme (MLN)
  • Horizen (ZEN)

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 Binance’s listing criteria and being delisted from the platform.

User Requirements

To gain trading access to tokens marked with the Monitoring Tag, users will need to pass a quiz 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. Users may find the Monitoring 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.

Review Criteria

Binance will conduct periodic project reviews and decide if the Monitoring Tag should be added to or removed from tokens based on the latest findings. The criteria considered during reviews include:

  • Commitment of team to project
  • Level and quality of development activity
  • Trading volume and liquidity
  • Stability and safety of network from attacks
  • Network/smart contract stability
  • Level of public communication
  • Responsiveness to periodic due diligence requests
  • Evidence of unethical/fraudulent conduct or negligence
  • Contribution to a healthy and sustainable crypto ecosystem

Additional Notes

  • Other services related to the aforementioned tokens will not be affected.
  • The Monitoring Tags for the aforementioned tokens will be updated shortly after the publishing of this announcement.
  • There may be discrepancies in the translated version of this original article in English. Please reference the original version for the latest or most accurate information where any discrepancies may arise.

Binance’s update to the Monitoring Tag list is part of its ongoing efforts to promote transparency and long-term, sustainable growth within the cryptocurrency ecosystem.

Image source: Shutterstock

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