Binance has made a significant move to increase user security and transparency in the crypto market. The company today announced the launch of Seed Tags and Monitoring Tags, targeting high volatility and risk tokens. These new tags are designed to help users distinguish between tokens listed in the Innovation Zone and the Main Business Zone, and ensure they are fully aware of the potential risks associated with certain assets. Here are the details…
Move to protect investors on Binance exchange
To be able to trade tokens tagged with Seed Tags or Tracking Tags, users will now have to pass the corresponding exams on Binance Spot and/or Binance Margin platforms every 90 days. In addition, users must also accept the platform’s Terms of Use. The exams have been carefully designed to ensure that investors understand the risks involved before trading in tokens bearing Seed Tags and Tracking Tags. As an additional layer of precaution, a risk warning banner will be prominently displayed for all tokens bearing these tags.
The Seed Label will replace the current Innovation Zone and will be applied to all tokens currently listed in the region, as well as future listings representing innovative projects with potentially higher volatility and risks compared to other tokens. Binance will also introduce a Tracking Tag to be applied to certain tokens that show significantly higher volatility and risk compared to their peers. The initial list of tokens that will receive a Tracking Tag includes:
- Acropolis (AKRO)
- AirDAO (AMB)
- Arc (ARK)
- Bitshares (BTS)
- Cream Finance (CREAM)
- DREP (DREP)
- aelf (ELF)
- FTX Token (FTT)
- Gifto (GFT)
- JasmyCoin (JASMY)
- Linear
- Loom Network (LOOM)
- Enzyme (MLN)
- Multichain
- openANX (OAX)
- OmiseGO (OMG)
- Ooki Protocol (OOKI)
- PERL.eco (PERL)
- pNetwork (PNT)
- Rhine (REN)
- Sonm (SNM)
- Serum (SRM)
- Tornado Cash (TORN)
- Voyager (VGX)
- WazirX (WRX)
- DFI.Money (YFII)
The exchange will periodically review altcoin projects
Binance will conduct periodic reviews on projects to ensure the credibility and reliability of these tags. The decision to add or remove tags from tokens, commitment of the project team, quality of development activity, throughput, liquidity, network and smart contract stability, level of public communication, response to due diligence requests, evidence of unethical or fraudulent behavior, and a healthy and sustainable It will be given according to the latest findings, taking into account criteria such as the overall contribution to the crypto ecosystem. In the ever-evolving crypto market, initiatives such as Seed Tags and Track Tags will play an important role in promoting a safer trading environment.
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