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Binance broadens ‘monitoring’ tag to cover 10 more tokens, including Monero and Zcash

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Binance broadens ‘monitoring’ tag to cover 10 more tokens, including Monero and Zcash

Today, Binance revealed its plan to expand the Monitoring Tag coverage to encompass 10 additional tokens starting from Jan. 4. Notably, Monero (XMR) and Zcash (ZEC) are now included in this extension.

According to a press release, the newly incorporated tokens on the Monitoring Tag list include Keep3rV1 (KP3R), Reef (REEF), Aragon (ANT), Firo (FIRO), MobileCoin (MOB), Mdex (MDX), Vai (VAI), and Horizen (ZEN). 

Concurrently, Binance will remove the Seed Tag from GMX (GMX) and SushiSwap (SUSHI).

The move comes amid increased attempts by Binance to bolster risk management after admitting to a litany of crimes in late 2023, including money laundering and failing to comply with know-your-customer (KYC) regulations stipulated by the US Securities and Exchange Commission (SEC).

Notably, some of these tokens, including Monero, Horizon and Zcash are privacy tokens and projects that have come under scrutiny by exchange platforms for their emphasis on anonymity, with OKX recently ceasing support for delisting several trading pairs last week.

Binance clarified that tokens with its ‘Monitoring tag’ undergo rigorous scrutiny due to their heightened volatility, subject to regular reviews ensuring compliance with listing criteria. The platform cautioned users that failure to meet these standards could result in the delisting of tokens.

To trade these specified tokens, users must complete necessary quizzes every 90 days, coupled with a prompt to accept the platform’s terms of use. This process aims to equip users with vital information about associated risks before engaging in transactions.

In contrast, tokens marked with the Seed Tag represent innovative projects with potentially higher volatility and risks. Monitoring Tags and Seed Tags for these tokens will be visibly displayed on the corresponding trading pages, accompanied by a risk warning banner.

Binance underscored its dedication to periodic project reviews and is now allegedly considering factors such as team commitment, development activity, trading volume, network stability, and adherence to due diligence requests. These reviews will determine whether the platform should include or remove tokens from the tags based on the latest findings, the company says.

Accordingly, Binance is assuring users that other services related to these tokens will remain unaffected. The updates to Monitoring Tags and Seed Tags for the specified tokens will be implemented shortly after the press release.