Binance Flags 10 Altcoins for Delisting
Binance, a leading cryptocurrency exchange, has initiated a review of 10 altcoins, placing them under close monitoring for potential delisting. This 30-day review aims to improve market quality and protect users.
Binance's Delisting Review: 10 Altcoins Under Scrutiny
Following the recent listing of GoPlus Security (GPS), Binance announced it's extending its monitoring tags to the following altcoins: Aergo (AERGO), Alpaca Finance (ALPACA), AirSwap (AST), Badger DAO (BADGER), BurgerCities (BURGER), COMBO (COMBO), NULS (NULS), STP (STPT), UniLend (UFT), and VIDT DAO (VIDT). These tokens now face a heightened risk of delisting.
Binance states that "Tokens with the Monitoring Tag exhibit notably higher volatility and risks. These tokens are closely monitored, and those failing to meet listing criteria may be delisted."
To access trading of these monitored tokens on Binance's Spot and Margin platforms, users must now complete a risk-awareness quiz every 90 days. This measure underscores Binance's commitment to user education and risk mitigation.
While delisting isn't guaranteed, the announcement caused a significant price drop for the affected altcoins, highlighting investor sensitivity to such news. Binance will conduct periodic reviews, potentially adding or removing the Monitoring Tag based on its findings.
The Monitoring Tag indicates concerns about factors such as regulatory uncertainty, low liquidity, or extreme volatility. Binance prominently displays this tag and a risk warning banner to alert users.
Binance also announced that its monitoring tag updates will now occur monthly, with quarterly reviews of tag removal. New projects may be added to the list at the beginning of each month.
Binance aims to enhance user protection and make informed trading decisions easier.
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The price declines following the announcement are not unexpected, reflecting typical market reactions. Conversely, successful listings on Binance, as seen with GPS, tend to result in positive price movements.