Binance Added 11 Altcoins to “Monitoring List”! What Does It Mean?

Cryptocurrency Exchange giant Binance is taking a major step to ensure that its users invest more consciously and protect themselves from risks. The platform is expanding its Monitoring Tag application for certain cryptocurrencies starting July 1, 2024. This will allow investors to take a more cautious approach to cryptocurrencies that carry high volatility and risk.

Binance is monitoring those altcoin projects

Binance closely monitors users. The platform is expanding the “Monitoring Label” application, which it uses to determine the risk levels of cryptocurrencies and inform its users, for some cryptocurrencies starting from July 1, 2024. The cryptocurrencies that will be included in the Tracking Tag application are:

• Balancer (BAL)
• Cortex (CTXC)
• Power Pool (CVP)
• Convex Finance (CVX)
• Docking (DOCK)
• Kava Lend (HARD)
• IRIS Network (IRIS)
• Film Block (MBL)
• Polkastarter (POLS)
• State (SNT)
• Sun (SUN)

What does the Monitoring tag mean?

The monitoring tag applied by Binance indicates cryptocurrencies that have higher volatility and risk than others listed. cryptocurrencies. These cryptocurrencies are carefully monitored and regularly reviewed by the platform. It should be noted that cryptocurrencies with Monitoring Tag run the risk of not meeting Binance’s listing criteria and being removed from the platform.

Users who want to trade cryptocurrencies with Monitoring Tag must pass the quiz on the Binance Spot or Binance Margin platforms every 90 days and accept the Terms of Use. The purpose of these quizzes is to ensure that users are aware of the risks of cryptocurrencies with Monitoring Tag. Users can find Tracking Tags on the relevant Binance Spot and Binance Margin trading pages, as well as on the Market Overview page. Additionally, a risk warning banner will be displayed on everyone cryptocurrencies with a tracking tag.

How does the bag decide the fate of the label?

Binance will conduct reviews of the project at regular intervals and, following those reviews, will decide which cryptocurrencies to which the Tracking Tag application will be applied. The following criteria will be taken into consideration in this decision-making phase:

• The project team’s commitment to the project
• Level and quality of development activities
• Trade volume and liquidity
• Network stability and security against attacks
• Stability of the network/smart contract
• Level of communication with the public
• Responses to Regular Due Diligence Requests
• Evidence of unethical/fraudulent conduct or negligence
• Contributing to a healthy and sustainable crypto ecosystem

This Binance application aims to enable investors to make informed decisions and protect themselves from potential risks. It is important that users do their own research and assess the risks before investing in cryptocurrencies with tracking tags.

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