Binance Expands Monitoring Tag Coverage to Include Monero and Zcash
Binance has announced that it will expand its Monitoring Tag coverage to include 10 additional tokens, with Monero (XMR) and Zcash (ZEC) being notable inclusions. The newly added tokens on the Monitoring Tag list are Keep3rV1 (KP3R), Reef (REEF), Aragon (ANT), Firo (FIRO), MobileCoin (MOB), Mdex (MDX), Vai (VAI), and Horizen (ZEN). On the other hand, Binance will remove the Seed Tag from GMX (GMX) and SushiSwap (SUSHI).
Binance’s Efforts to Bolster Risk Management
Binance’s decision to expand its Monitoring Tag coverage is part of its ongoing efforts to enhance risk management. The move comes after Binance admitted to various crimes, including money laundering and failure to comply with KYC regulations set by the SEC.
Tokens Under Scrutiny
Some of the newly added tokens, such as Monero, Horizon, and Zcash, have faced scrutiny due to their focus on privacy and anonymity. OKX recently delisted several trading pairs associated with these tokens.
Rigorous Scrutiny for Tokens with Monitoring Tags
Tokens marked with Binance’s Monitoring Tag undergo thorough scrutiny and regular reviews to ensure compliance with listing criteria. Failure to meet these standards may result in token delisting. Users trading these tokens must complete quizzes every 90 days and accept the platform’s terms of use.
Seed Tags for Innovative Projects
Tokens marked with the Seed Tag represent innovative projects with higher volatility and risks. Monitoring Tags and Seed Tags for these tokens will be clearly displayed on the trading pages, accompanied by risk warnings.
Periodic Project Reviews
Binance conducts periodic project reviews, considering factors such as team commitment, development activity, trading volume, network stability, and adherence to due diligence requests. Tokens may be included or removed from the tags based on the findings of these reviews.
Continued Services for Specified Tokens
Binance assures users that other services related to the specified tokens will remain unaffected. The updates to Monitoring Tags and Seed Tags will be implemented shortly after the press release.
Hot Take: Binance Expands Monitoring Tag Coverage to Include Privacy Tokens
Binance’s decision to expand its Monitoring Tag coverage to include privacy tokens like Monero and Zcash shows its commitment to risk management and compliance. By subjecting these tokens to rigorous scrutiny and regular reviews, Binance aims to ensure compliance with listing criteria. However, this move also highlights the ongoing scrutiny faced by privacy-focused projects in the cryptocurrency industry. As exchange platforms become more cautious about anonymity, it remains to be seen how privacy tokens will navigate these challenges in the future.
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