Binance, one of the world’s leading cryptocurrency exchanges, announced this morning that it added four new tokens to the Watch Tag list. These altcoins named Beta Finance (BETA), BarnBridge (BOND), Waltonchain (WTC) and NEM (XEM) were included in the watchlist due to their increased volatility and associated risks. Here are the details…
Binance tracks 4 altcoins
Binance attracted attention with a new announcement. According to the announcement, the tracking tag will be maintained on four altcoins. Monitoring Tag is a designation that refers to tokens with above-average volatility and risk profiles compared to other assets listed on the exchange. Binance conducts regular reviews on tokens bearing this label to ensure the safety of its users. It is important to note that tokens with the Tracking Tag may no longer meet Binance’s listing criteria and could potentially be delisted unless significant improvements are made. The famous cryptocurrency account Wu Blockchain also drew attention to this issue with the following X post:
Binance announced on October 4 that it has added Beta Finance (BETA) BarnBridge (BOND) Waltonchain (WTC) NEM (XEM) to its watchlist, these tokens no longer meet the standards when they were listed on the Binance, and if there is no improvement, they may be delisted.…
— Wu Blockchain (@WuBlockchain) October 4, 2023
To access and trade tokens marked with Tracking Tag, users must pass the relevant exams on both Binance Spot and Binance Margin platforms every 90 days. This measure is designed to ensure that investors are fully aware of the risks associated with these assets. Additionally, in order for users to trade these altcoins, they will need to accept the platform’s terms of use. Watch Tags can be found on the relevant trading pages and the Markets Overview page, accompanied by a prominent risk warning banner.
The review process is quite comprehensive
Binance’s decision to add or remove Tracking Tags to tokens is based on a comprehensive review process. Various factors are taken into consideration during this process, including:
- Project team commitment
- Level and quality of development activity
- Trading volume and liquidity
- Stability and security of the network against attacks
- Network and smart contract stability
- Public communication level
- Responsiveness to due diligence requests
- Evidence of unethical, fraudulent behavior or negligence
- Contribution to a healthy and sustainable crypto ecosystem
It is worth noting that this adjustment to the Tracking Tag does not affect other services related to the tokens in question. The exchange stated that the Tracking label for these tokens will be updated shortly. In light of these changes, it is recommended that users and investors be informed about the status of these tokens on the exchange. Binance points to its efforts to create a reliable and secure environment for cryptocurrency trading. They also continue to prioritize safety and security, according to the exchange.
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