Binance has made a significant move to enhance user safety and transparency within the crypto market. Today, the company announced the launch of Seed Tags and Monitoring Tags, targeted at tokens with high volatility and risk. These new tags are designed to help users differentiate between tokens listed in the Innovation Zone and the Main Trading Zone, ensuring they are fully aware of the potential risks associated with certain assets.
In a bid to trade tokens labeled with Seed Tags or Monitoring Tags, users will now be required to undergo corresponding quizzes every 90 days on the Binance Spot and/or Binance Margin platforms. Additionally, users must accept the platform’s Terms of Use. The quizzes are thoughtfully designed to ensure traders comprehend the risks involved before engaging in transactions with tokens bearing Seed Tags and Monitoring Tags. As an added layer of precaution, a risk warning banner will be prominently displayed for all tokens carrying these tags.
The Seed Tag will take the place of the existing Innovation Zone and will be applied to all tokens currently listed in the zone, as well as any future listings representing innovative projects with potentially higher volatility and risks compared to other tokens.
Binance will also be introducing the Monitoring Tag, which will be applied to specific tokens demonstrating notably higher volatility and risks when compared to their counterparts. The initial list of tokens that will receive the Monitoring Tag includes:
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)
DFI.Money (YFII)
To ensure the credibility and reliability of these tags, Binance will conduct periodic reviews of the projects. The decision to add or remove the tags from tokens will be based on the latest findings, considering criteria such as the project team’s commitment, quality of development activity, trading volume, liquidity, network and smart contract stability, level of communication with the public, responsiveness to due diligence requests, evidence of unethical or fraudulent conduct, and overall contribution to a healthy and sustainable crypto ecosystem.
By introducing Seed Tags and Monitoring Tags, Binance demonstrates its unwavering dedication to building a crypto ecosystem that fosters transparency and ensures long-term, sustainable growth. This move is expected to empower traders with essential information about the risks associated with specific tokens, equipping them to make more informed investment decisions and safeguard their interests in the dynamic crypto landscape.
It’s important to note that other services linked to the aforementioned tokens will remain unaffected by these changes. Furthermore, should any discrepancies arise between translated versions and the original English version, the English version will take precedence.
In this ever-evolving crypto market, initiatives like Seed Tags and Monitoring Tags play a pivotal role in fostering a safer trading environment. Binance’s introduction of these tags marks yet another step towards its vision of creating a secure and reliable cryptocurrency ecosystem.
Source: https://azcoinnews.com/binance-unveils-seed-tags-and-monitoring-tags-to-tackle-high-volatility-tokens.html