Binance has announced changes to its token monitoring system, which will be effective January 4, 2024.
The company will intensify scrutiny on certain cryptocurrencies while promoting others as innovative offerings to attempt a secure and dynamic trading environment.
These Cryptos Are on the Chopping Block
Binance added ten altcoins, including Aragon (ANT), Firo (FIRO), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), Vai (VAI), Monero (XMR), Zcash (ZEC), and Horizen (ZEN), to its Monitoring Tag list.
This designation signals heightened volatility and risk, placing these tokens under closer observation. Moreover, regular reviews will assess their alignment with Binance’s listing criteria, hinting at potential delisting if the tokens do not meet the standards.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Conversely, GMX (GMX) and SushiSwap (SUSHI) have been removed from the Seed Tag list, identifying fresh, potentially volatile projects. These changes reflect Binance’s evaluation based on factors such as project commitment, development quality, trading dynamics, network security, and ethical conduct.
Binance users must pass periodic quizzes to trade these tagged tokens and agree to the Terms of Use. This educational requirement is part of Binance’s strategy to ensure informed trading decisions, especially for high-risk assets.
Similarly, OKX announced that customers in the United Kingdom will encounter changes in their user experience (UX). The cryptocurrency exchange is set to implement tests for its UK users to assess their understanding of cryptocurrencies and proficiency in risk management.
Read more: OKX Review 2024: A Comprehensive Guide to the Leading Crypto Exchange
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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