🚨Here is some information and advice about the warnings issued by the Binance platform about currencies under surveillance and currencies that have reached cancellation.
1. What does it mean that a digital currency is “under surveillance”?
This indicates that the platform (such as Binance or Coinbase) is carefully reviewing the performance of the cryptocurrency to assess whether it meets its criteria. The coin may be under surveillance due to issues such as:
Low liquidity: low trading volume.
Technical issues: network or smart contract security flaws.
Project weakness: lack of updates, team failure, or loss of trust from the community.
Legal issues: regulatory problems or legal investigations.
2. What happens if the platform removes the currency from trading?
If the platform decides to delete the currency from the trading pair, it means that users will not be able to trade the currency on that platform. The effects include:
Inability to trade: The sale or purchase of currency through the platform will be stopped.
Impact on price: The price of the currency may drop significantly due to lack of liquidity and confidence.
Withdrawal Possibility: The platform often allows a specific period of time to withdraw the currency to an external wallet.
Find other platforms: Users may need to find alternative platforms that support the currency.
Tips if your currency is under surveillance or at risk of delisting:
Watch for news and official announcements.
Consider moving your funds to a private wallet or another platform before deleting.
Evaluate the project to ensure its long-term viability.
If you hold the currency, making informed decisions based on your assessment of the situation will help you avoid major risks.
