How AI Legalese Decoder Can Simplify Binance’s ‘Monitoring Tag’ on 10 Cryptoassets, Including Monero
- January 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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Binance Implements Monitoring Tags on Coins and Tokens
Binance, the world’s largest exchange, has recently placed “monitoring tags” on a number of coins and tokens, including several major privacy coins. The exchange has issued a warning that these assets may no longer meet the listing criteria.
In a recent statement, Binance announced that the monitoring tag will now be extended to include ANT, FIRO, KP3R, MDX, MOB, REEF, VAI, XMR, ZEC and ZEN.
According to Binance, tokens with the monitoring tag exhibit notably higher volatility and risks compared to other listed tokens. The exchange will closely monitor these tokens, with regular reviews conducted. It has also cautioned that these tokens are at risk of no longer meeting the listing criteria and being delisted from the platform.
Furthermore, Binance has stated that users must pass corresponding quizzes every 90 days to gain trading access to these tokens labeled with the monitoring tag.
Reuben Yap, co-founder of Firo, revealed that the monitoring tag has been placed on FIRO and other privacy coins due to increased regulatory pressure, including from MiCA, recent initiatives from U.S. regulators, and compliance to Binance’s settlement with the U.S. DoJ. However, ongoing discussions with Binance have shown positive feedback towards their proposal to implement Exchange Addresses.
Last week, another exchange, OKX, took action against coins such as ANT, XMR, ZEC, and ZEN by delisting several trading pairs.
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