Binance expands ‘Monitor’ tab to cover 10 more coins, including Monero and Zcash
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Today, Binance announced plans to expand surveillance label coverage to cover an additional 10 coins starting on January 4. Notably, Monero (XMR) and Zcash (ZEC) are now included in this extension.
according to a Press releasethe newly included tokens in the monitoring tag list include Keep3rV1 (KP3R), Reef (REEF), Aragon (ANT), Firo (FIRO), MobileCoin (MOB), Mdex (MDX), Vai (VAI) and Horizen (ZEN) ).
At the same time, Binance will remove seed tags from GMX (GMX) and SushiSwap (SUSHI).
The move comes as Binance ramps up efforts to strengthen risk management after admitting to a series of crimes in late 2023, including money laundering and failure to comply with know-your-customer (KYC) regulations imposed by the U.S. Securities and Exchange Commission (SEC). .
It’s worth noting that some of these tokens, including Monero, Horizon, and Zcash, are privacy coins and projects that have come under scrutiny from trading platforms for their emphasis on anonymity, with OKX recently halting its review of multiple tokens that were delisted last week. Support for trading pairs.
Binance clarified that tokens with a “monitoring label” are subject to heightened scrutiny due to higher volatility and are regularly reviewed to ensure compliance with listing standards. The platform warns users that failure to meet these criteria may result in token delisting.
To trade these designated tokens, users must complete the necessary quizzes every 90 days and be prompted to accept the platform’s terms of use. This process is designed to provide users with important information about the risks involved before entering into a transaction.
In contrast, tokens labeled as seed represent innovative projects with potentially higher volatility and risk. The monitoring tags and seed tags for these tokens will be prominently displayed on the corresponding trading page, along with a risk warning banner.
Binance emphasized its commitment to regular project reviews and said it is currently considering factors such as team commitment, development activity, transaction volume, network stability, and compliance with due diligence requirements. The company said these reviews will determine whether the platform should include or remove the token from the label based on the latest findings.
Therefore, Binance assures users that other services related to these tokens will not be affected. Updates to monitoring tags and seed tags for designated tokens will be implemented shortly after the release of the press release.
