Altcoins
Binance Could 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 delisted certain altcoins after assigning them a monitoring tag.
Why does Binance attach a surveillance tag to certain Altcoins?
Newly tagged tokens include Balancer (BAL)Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX)Dock (DOCK), Kava Lend (HARD), 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 of 12.66%, and DOCK also decreased by 11.71%. In contrast, other tagged altcoins saw more modest declines.
Learn more: Binance Review 2024: Is It The Right Crypto Exchange For You?
CTXC, CVP and DOCK price performance. Source : TradingView
Binance Uses Watch Tag for Tokens That Are Showing Significantly Higher volatility and risks relative 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 watch tag may no longer meet our listing criteria and be delisted from the platform,” Binance warned.
Additionally, to trade these tokenized tokens, Binance requires users to periodically complete 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 evaluation criteria for these tokens include several important factors, such as the commitment of the project team, the quality and level of continued development, trading volume and liquidity, and network stability. The exchange also evaluates responsiveness to its due diligence requests and checks for any 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 watch list. This update implies a stable and secure status for these altcoins, removing the immediate threat of delisting.
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