In a recent announcement, Binance, the world’s largest cryptocurrency exchange, announced that it has placed “tracking tags” on many coins and tokens, including major privacy-focused coins. This move comes as Binance aims to address increasing regulatory pressure and ensure compliance with listing criteria. Here are the details…
Binance puts tracking labels on some altcoins
Binance announced on Thursday that it has expanded its tracking tag to a list of cryptocurrencies, including ANT, FIRO, KP3R, MDX, MOB, REEF, VAI, XMR, ZEC, and ZEN. The exchange emphasized that tokens with tracking tags exhibit higher volatility and risk compared to other listed tokens. Regular reviews will be carried out and there is a risk that these tokens will no longer meet the listing criteria and be removed from the platform.
According to Binance, users must pass the relevant tests every 90 days to maintain trading access to tokens tagged with the tracking tag. This move aims to ensure that users are informed about the potential risks associated with trading these assets. The decision to implement tracking labels is in line with Binance’s commitment to maintaining a safe and compliant trading environment.
Statement from the founder of Firo
Reuben Yap, co-founder of Firo, one of the affected privacy coins, explained that the tracking label was placed on FIRO and other privacy coins due to increased regulatory pressure. Yap emphasized the ongoing talks with Binance since September 2023 and expressed his confidence in finding a mutually beneficial solution. He talked about his proposal to implement Exchange Addresses by balancing compliance requirements without compromising user privacy.
Trading pairs for IP, LDO and MoVR expand
Binance announced on January 4 that it will add three new trading pairs for Internet Computer (ICP), Lido DAO (LDO), and Moonriver (MOVR). The new trading pairs will give ICP and LDO traders the opportunity to trade against the First Digital USD (FDUSD), while MOVR traders will be able to trade against the Turkish Lira (TRY). Starting January 5 at 11:00 AM (TSI), investors can start trading ICP/FDUSD, LDO/FDUSD, and MOVR/TRY pairs on the Binance platform.
Additionally, Binance announced the activation of trading bots for the ACE/USDT trading pair. Users trading FDUSD will benefit from a zero transaction fee campaign that improves the trading experience of those using this particular pair. The cryptocurrency landscape continues to evolve as exchanges like Binance take proactive measures to address regulatory challenges and improve user security. Stay tuned for other developments as the industry adapts to changing dynamics.
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