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Cryptocurrency exchange Binance has announced its plans to update labels for certain altcoins based on recent evaluations. Starting in 2025, coins StormX (STMX) and TROY will be added to the tracking label list, while Convex Finance (CVX) and Sun (SUN) will be removed from this label. Additionally, Binance will strip the Seed label from Arkham (ARKM), Blur (BLUR), Jito (JTO), and Celestia (TIA) coins.
Understanding Tracking and Seed Labels
Coins marked with a tracking label are monitored more closely by Binance. These coins exhibit higher volatility and risks compared to those without such labels. The presence of a tracking label indicates that a coin may be at risk of removal from the platform.
Users are required to conduct a risk assessment every 90 days before trading coins with a tracking label on either Binance Spot or Binance Margin platforms. This test ensures users are aware of the risks associated with trading high-risk coins.
The Seed label typically indicates that new projects are in their early stages. Users must also pass risk tests every 90 days to trade such coins, which serves as a gauge for Binance regarding the sustainability and long-term success of a project.
Criteria for Binance’s Altcoin Evaluations
When deciding whether to assign a tracking or Seed label to an altcoin, Binance considers various factors. These include the commitment of the project team, the quality of development activities, trading volume, network security, and the stability of smart contracts. The transparency of projects and their responsiveness to the platform are also part of the evaluation process. Binance regularly reviews altcoins based on these criteria and updates labels as necessary.
Binance has informed users about the implications of these decisions on other services. Apart from the tracking and Seed labels for altcoins, there will be no changes to other services.
