Attention Binance users! "These 10 coins" have been put under monitoring label
Binance users, take note! According to a report by currency circle foreign media "The Block", Binance issued the latest announcement yesterday (4th) that it has labeled 10 cryptocurrencies as "monitoring labels": $ANT, $FIRO, $KP3R, $MDX, $MOB , $REEF, $VAI, Monero ($XMR), Zcash ($ZEC), $ZEN.
It is worth noting that among the 10 newly monitored currencies by Binance, many of them are "privacy coins" that can play an invisible role.
圖源：幣安監控代幣頁面
Binance stated in the announcement that compared with other listed cryptocurrencies, currencies with a monitoring label will have significantly higher volatility and risks. These coins are closely monitored by Binance and reviewed regularly.
Binance reminds: “These tokens are at risk of no longer meeting our listing standards and being removed from the platform, please do your own research.”
In addition, Binance has also launched a test mechanism. If investors want to trade these monitored currencies, they must take a relevant test every 90 days.
Binance is currently the world’s largest exchange by trading volume, with $25.9 billion in daily trading volume, according to CoinMarketCap. Therefore, listing on Binance is usually the biggest goal of many cryptocurrency projects, because it has the opportunity to gain the attention of investors on the exchange, thereby driving currency prices and liquidity.
On the contrary, if a project with low market value and low liquidity is delisted by Binance, it may lose maximum liquidity and put the currency price at risk of collapse. For example, last year (2023) Binance announced that it would delist the Taiwanese project Mithril Coin ($MITH), causing the currency price to plummet by 40%.
"Brother Moji" Mithril Coin will be delisted by Binance! MITH plummeted 40%, and the project party asked for repayment
Labeled industry: Binance regulatory pressure increases, privacy coins are targeted
After Binance put the monitoring label, the project side also had something to say. Reuben Yap, co-founder of Firo said:
“FIRO and other privacy coins have been slapped with surveillance labels due to increased regulatory pressure, including over EU crypto law MiCA, recent moves by U.S. regulators, and compliance with Binance’s settlement with the U.S. Department of Justice. .”
However, Yap emphasized that since September last year, they have been actively discussing relevant matters with Binance, working together to find mutually beneficial solutions, and proposed a solution to Exchange Addresses, hoping to be able to provide users with the same solution without sacrificing user privacy. Able to meet the compliance requirements of the exchange.
Last week, another well-known exchange OKX also announced that it would delist multiple trading pairs, such as XMR/USDT, ZEC/USDT, ZEN/USDT, etc. Under the scrutiny of global crypto regulations, privacy coins that focus on anonymity are running into obstacles among centralized exchanges pursuing compliance.
