Binance Warns To Delist These 11 Tokens, Price Drop Ahead?

Binance has issued a warning that has fueled discussions in the crypto market. For context, the leading cryptocurrency exchange announced plans to extend its Monitoring Tag to 11 tokens, putting them at risk of future delisting.

Meanwhile, tokens affected include Balancer (BAL), and Cortex (CTXC), among others, while Enzyme (MLN) and Horizon (ZEN) will be removed from the risk list. Several market watchers view this development as a signal for potential price volatility for the affected tokens.

Binance Adds Monitoring Tag To 11 Tokens

Binance’s recent announcement about its Monitoring Tag has sent ripples through the crypto market. As of July 1, the exchange will add several tokens, including Balancer (BAL), Cortex (CTXC), and Convex Finance (CVX), to its Monitoring Tag list.

Meanwhile, as per the announcement, tokens with this tag are considered high-risk and are closely monitored for volatility and compliance with Binance’s listing criteria. The tokens newly added to the Monitoring Tag list are:

Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), Status (SNT), Sun (SUN).

In contrast, Enzyme (MLN) and Horizon (ZEN) will be removed from the Monitoring Tag list. This shift indicates a reassessment of the risks and stability associated with these tokens. However, Binance’s decision to tag these 11 tokens highlights their increased volatility and potential for not meeting the platform’s listing criteria in the future.

Meanwhile, according to Binance, the Monitoring Tag serves as a warning that the listed tokens are under scrutiny and may face delisting if they fail to meet specific standards. These standards include the project’s commitment, development activity, trading volume, network stability, public communication, and ethical conduct.

Binance emphasizes that the Monitoring Tag aims to maintain a healthy and sustainable cryptocurrency ecosystem.

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Price Drop Ahead?

The introduction of the Monitoring Tag for these tokens has significant implications for investors. Historically, announcements of this nature from major crypto exchanges like Binance tend to impact market sentiment and token performance. Positive announcements usually boost market confidence, while warnings and potential delistings can weigh on investors’ sentiment.

Meanwhile, the affected tokens could experience increased price volatility and reduced trading volume as investors respond to the perceived risk. Tokens under the Monitoring Tag are also subject to additional trading restrictions on Binance.

In addition, users must complete a quiz every 90 days to trade these tokens, ensuring they understand the associated risks. This additional layer of scrutiny aims to protect users and promote informed trading decisions.

The announcement underscores the importance of due diligence in the rapidly evolving crypto market. Investors must stay informed about the status and compliance of their holdings, particularly in light of such warnings from leading exchanges. In other words, Binance’s criteria for the Monitoring Tag emphasize the importance of project transparency, network stability, and ethical conduct.

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