Binance adds monitoring tag to MOVE following market maker scandal and rebrand
Binance has applied the monitoring tag to six additional tokens, most notably including Movement Labs’ MOVE. The token was previously embroiled in a market maker scandal and the project has since relaunched under a new name.
According to a recent notice, the crypto exchange has decided to apply the monitoring tag to a number of tokens, including Movement Labs’ native token MOVE (MOVE). This follows the protocol’s recent rebranding announcement that involves changing its name to Move Industries and removing co-founder Rushi Manche.
“Tokens with the Monitoring Tag exhibit notably higher volatility and risks compared to other listed tokens,” noted the exchange in its statement.
In addition to MOVE, Binance has also added the monitoring tag to Stella’s ALPHA, Hifi Finance’s HIFI, LeverFi’s LEVER, PORTAL (PORTAL) and Rei Network’s REI.
According to the announcement, tokens listed under the monitoring tag will be under constant surveillance by Binance. The exchange will conduct reviews of each token’s performance in accordance with its guidelines to determine whether it still warrants the monitoring tag.
If tokens continue to exhibit volatility and trading risks or fail to meet listing criteria, they may be at risk of being delisted from the platform entirely.
Shortly after Binance’s announcement, MOVE slipped even further down from its ongoing decline. At press time, MOVE has gone down more than 12% in the past 24 hours. Compared to when the protocol first announced its rebrand, the token was still nearing a 10% decline at $0.16. The token is currently trading hands at $0.15. In the past month it has gone down nearly 50%, following the network’s market maker scandal earlier this month.
Other mentioned tokens like REI, ALPHA and PORTAL also experienced declines shortly after Binance applied monitoring tags. ALPHA fell by more than 5%, REI plummeted as much as 12.5%, while PORTAL suffered the worst fall with a 17.1% decrease.
On the other hand, HIFI and LEVER were able to maintain modest growth at 4.4% and 12.8% in the past 24 hours of trading.
In addition to the higher trading risk warning, a monitoring tag on a token means that Binance users have to participate in a quiz every 90 days on the Binance Spot and Binance Margin platforms to trade the tokens. Users must also accept the platform’s terms of use periodically.
