Binance Adds 10 Digital Assets to Monitoring Tag List
Binance, the world’s largest cryptocurrency exchange, has announced the addition of 10 new digital assets to its Monitoring Tag list. This includes popular privacy coins like Monero (XMR) and Zcash (ZEC), as well as tokens such as Horizen (ZEN), Vai (VAI), and Aragon (ANT). The assets in this section are closely monitored by Binance and subject to regular reviews. If they do not meet necessary criteria like network stability, trading volume, and development activity, they may be delisted. This could negatively impact the price and liquidity of these coins.
Delisting from Binance Can Affect Coin Prices
A potential delisting from Binance can have a negative effect on the price and liquidity of the mentioned coins. The recent announcement has already caused a 7% drop in the price of Horizen (ZEN). Investors and traders should be aware of the risks associated with these coins and stay updated on any changes in their status on Binance’s Monitoring Tag list.
GMX and SushiSwap Removed from Seed Tag List
In addition to adding new assets, Binance has removed GMX (GMX) and SushiSwap (SUSHI) from its Seed Tag list. This section replaced the Binance Innovation Zone, which focused on cryptocurrencies in their early stages of development. The removal of GMX and SUSHI did not have a significant impact on their prices.
OKX Also Scrutinizing Privacy Coins
OKX, another cryptocurrency exchange, has also shifted its focus to privacy coins. It recently removed XMR-BTC, DASH-BTC, ZEC-BTC, and other spot trading pairs from its platform. Privacy coins have been under the radar of international regulators, with bans and restrictions imposed in various countries. Binance itself faced pressure to stop providing services with privacy coins in certain European countries but later reversed its decision.
Hot Take: Exchanges Increasing Scrutiny on Privacy Coins
Exchanges like Binance and OKX are increasing their scrutiny on privacy coins due to regulatory trends and concerns. The inclusion of Monero (XMR) and Zcash (ZEC) in Binance’s Monitoring Tag list highlights the potential risks associated with these cryptocurrencies. Investors should be cautious when trading privacy coins and stay informed about any changes in their status on different exchanges.
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