Altcoins
Binance May Soon Delist These 11 Altcoins
Binance, a leading cryptocurrency exchange, has expanded its Monitoring Tag to cover 11 more altcoins, sparking discussions about possible future delistings.
The price of some of these 11 altcoins suffered after the announcement. Indeed, on several occasions, Binance has deleted certain altcoins after attaching a surveillance tag to them.
Why does Binance attach a monitoring tag to certain Altcoins?
Newly tagged tokens include Balancer (BAL)Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX)Dock (DOCK), Kava Loan (DUR), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS)Status (SNT) and Sun (SUN).
Following this announcement, notable market reactions were immediate. CTXC saw a sharp drop of 8.09%, CVP fell by 12.66%, and DOCK also declined by 11.71%. In contrast, other marked altcoins saw more modest declines.
Learn more: Binance Review 2024: Is It the Right Cryptocurrency Exchange for You?
CTXC, CVP and DOCK price performance. Source: Trading View
Binance Uses Watch Tag for Tokens That Show Significantly Higher Values volatility and risks compared to others. This tag warns investors that these tokens may not meet Binance’s rigorous listing standards in the foreseeable future.
“Please keep in mind that tokens with the watchdog label may no longer meet our listing criteria and be removed from the platform,” Binance said. warned.
Additionally, to trade these tokenized tokens, Binance requires users to periodically pass a quiz every 90 days, available on the Binance Spot and Binance Margin platforms. This ensures that traders are fully aware of the associated risks. Monitoring tags are displayed on the relevant trading pages, and a risk warning banner is also prominently displayed.
The criteria for reviewing these tokens include several important factors, such as the commitment of the project team, the quality and level of ongoing development, trading volume and liquidity, and network stability. The exchange also evaluates responsiveness to its due diligence requests and checks for unethical or fraudulent activity.
Learn more: Top 12 Altcoin Exchanges for Trading Cryptocurrencies in July 2024
On a positive note, Binance announced that it would be removing Enzyme (MLN) And Horizon (ZEN) from the watchlist. This update implies a stable and secure status for these altcoins, removing the immediate threat of delisting.
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