- Binance has introduced monitoring of high volatility assets. The platform will tag them with appropriate tags.
- Seed Tag refers to projects in the “Innovation Zone”, Monitoring Tag refers to a number of high-risk tokens. These include, for example, FTT, MULTI and TORN.
The cryptocurrency exchange Binance said it has added tags (Seed Tag and Monitoring Tag) for a number of assets on the platform. This is to alert customers to the potential risks of trading in highly volatile assets, the company said.
“Based on feedback that users have difficulty distinguishing between tokens from the Innovation Zone and the main trading field, Binance is introducing the Seed Tag and Monitoring Tag,” the statement said.
To access tagged tokens, a trader must accept the Terms of Use. In addition, every 90 days, one must take a quiz that aims to familiarize the investor with all the potential risks.
Seed Tag on assets will be displayed on the market overview screen as well as in the Binance Spot and Binance Margin sections.
Seed Tag refers to tokens from the “Innovation Zone”. These are startups that may “exhibit higher volatility and risk”.
Monitoring Tag will be placed on the following assets: AKRO, AMB, ARK, BTS, CREAM, DREP, ELF, FTT, GFT, JASMY, LINA, LOOM, MLN, MULTI, OAX, OMG, OOKI, PERL, PNT, REN, SNM, SRM, TORN, VGX, WRX, YFII.
The company noted that it will conduct periodic reviews. The decision on whether to add or remove the tag depends on a variety of factors, including trading volume, liquidity, level of publicity, network stability and more.
We previously reported that Binance plans to launch the platform in Japan as early as August 2023. The exchange was going to enter this market earlier, but faced high demands from the authorities.
The exchange was going to enter this market earlier, but faced high demands from the authorities.