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#Binance exchange announced the addition of two new categories, “Seed Tag” and “Monitoring Tag” to warn users about the risks of trading crypto tokens.
➡️ Binance has received feedback from the user community about distinguishing tokens on the exchange in two areas “Innovation Zone” and “Main Trading Zone”. To improve the user experience, the exchange has introduced two new categories “Seed Tag” and “Monitoring Tag” with specific regulations:
The “Monitoring Tag” will be assigned to tokens with a more notable level of risk and volatility than other new tokens. Tokens include: Akropolis (AKRO), AirDAO (AMB), Ark (ARK), Bitshares (BTS), Cream Finance (CREAM), DREP (DREP), aelf (ELF), FTX Token (FTT), Gifto (GFT) ), JasmyCoin (JASMY), Linear (LINA), Loom Network (LOOM), Enzyme (MLN),
#Multichain (MULTI), openANX (OAX), OmiseGO (OMG), Ooki Protocol (OOKI),PERL.eco(PERL) , pNetwork (PNT), Ren (REN), Sonm (SNM), Serum (SRM), Tornado Cash (TORN), Voyager (VGX), WazirX (WRX) and DFI.Money.(YFII).
The “Seed Tag” will replace the “Innovation Zone” and apply to all existing tokens on the exchange as well as the list of new tokens from the launched projects. However, these tokens can have a much higher level of volatility and risk than other tokens.
Users who wish to participate in trading “Seed Tag” or “Monitoring Tag” tokens are required to complete knowledge test questions on Binance Spot and/or Binance Margin at least every 90 days, and agree to the exchange's Terms of Service.
Tagged tokens will be displayed with a risk warning banner.
➡️ The application of these tags will help users have a clearer view of tradable tokens, thereby helping them make smart investment decisions and limit potential risks.
➡️ In addition, Binance will periodically conduct due diligence to adjust the token list, add or remove from the tag categories, based on the following criteria:
Commitment to the project team;
Level and quality of development activities;
Trading volume and liquidity;
Network stability and security from attacks;
Smart contract or stable network;
The level of interaction with the community;
Response speed for Binance;
There is no indication of fraud, misconduct or ethical violations;
Shared contribution to the ecosystem.
➡️ The purpose of these due diligence is to maintain an efficient and reliable token list on their exchange. This helps ensure that potential and trustworthy projects are prioritized, while minimizing risk and protecting the user community.
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