In a recent announcement, Binance has threatened to delist these privacy coins. The leading crypto exchange by market volume listed these 12 cryptocurrencies under its watch.
These assets will now hold special tags limiting their trading for an exclusive selection of traders.
In particular, Binance threatens to delist 10 of the 12 under its ‘Monitoring Tag.’ The well-known privacy coins Monero, Zcash (ZEC), and Firo (FIRO) are featured in the list.
Monero (XMR) recently suffered losses, facing rumors and factual news regarding its delisting from Binance and OKX, respectively. Other privacy coins may face a similar fate, together with some high-volatility and risky cryptocurrencies, according to Binance.
Moreover, Aragon (ANT), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), Vai (VAI), and Horizen (ZEN) are also mentioned.
Together with GMX (GMX) and SushiSwap (SUSHI) under the ‘Seed Tag,’ due to “higher volatility and risks,” the announcement stated.
See Also: OKX Crypto Exchange To Delist Privacy Tokens Like Monero And Zcash In Early 2024
What Are Binance’s ‘Monitoring’ And ‘Seed’ Tags?
As described by Binance, coins under the ‘monitoring’ and ‘seed’ tags have higher volatility and risks than other cryptocurrencies.
The former is for closely monitored projects, with constant reviews threatening their delisting from the platform.
“Tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform.” — Binance
However, Monero has shown considerably lower volatility than most projects in the previous year. This raises questions about what risks Binance is considering to tag it under this category.
Meanwhile, the ‘seed tag’ is meant for “innovative projects,” in Binance’s words, with higher volatility and risks.
Notably, both GMX and SushiSwap are competitors to the leading exchange, providing trading services in decentralized finance (DeFi).
Binance will require investors to answer quizzes correctly every 90 days to allow trading cryptocurrencies under the ‘monitoring’ and ‘seed’ tags. The exchange also communicated they will display a warning for these assets everywhere.
All things considered, the aforementioned projects might face liquidity issues in the coming days.
Nevertheless, Investors could decide to migrate from Binance to alternative platforms and competitors to access their desired cryptocurrencies and privacy coins.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
