Major cryptocurrency exchange Binance announced it will expand its watchlist of altcoins that could be delisted. The exchange will add 10 altcoins to this watchlist. Additionally, Binance stated that 2 altcoins will be removed from the Seed Label list. Here are those altcoins and what you need to know.
Ten New Altcoins to be Added to the Watchlist
Binance is preparing to expand its watchlist by adding 10 new altcoins. The cryptocurrency exchange announced that Aragon (ANT), Firo (FIRO), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), Vai (VAI), Monero (XMR), Zcash (ZEC), and Horizen (ZEN) will be added to the watchlist.
Currently, Binance’s watchlist includes 23 altcoins such as FTX Token (FTT), Aelf (ELF), NEM (XEM), JasmyCoin (JASMY), Ark (ARK), Loom Network (LOOM), OMG Network (OMG), WazirX (WRX), Ren (REN), Linear (LINA), Beta Finance (BETA), Enzyme (MLN). With the latest expansion, this number will rise to 33.
Including an altcoin in the watchlist is significant as it means the altcoin could be delisted from Binance at any moment. Therefore, investors of these altcoins should be vigilant and closely follow any developments related to the project.
The cryptocurrency exchange also announced that 2 altcoins will be removed from the Seed Label list. The altcoins to be removed from the Seed Label list are GMX (GMX) and SushiSwap (SUSHI).
Binance’s Watchlist and Seed Label List and Potential Risks
Altcoins carrying the Watch Label included in Binance’s watchlist exhibit significantly higher volatility and carry more risk compared to other listed altcoins. These altcoins are regularly reviewed and closely monitored by Binance.
The cryptocurrency exchange states that the altcoins on the watchlist no longer meet the listing criteria on the platform and are at risk of being delisted. On the other hand, altcoins carrying the Seed Label are new, innovative projects with higher volatility and risk compared to other listed altcoins.
Users wishing to trade altcoins carrying the Watch Label and Seed Label must pass required tests every 90 days and accept the Terms of Use on Binance Spot and/or Binance Margin platforms. The tests are conducted to determine whether users are aware of the risks before trading these altcoins. Users can access information about altcoins with the Watch Label and Seed Label on the Binance Spot and Binance Margin trading pages and the Market Overview page.
Furthermore, Binance regularly reviews the altcoin projects it lists and decides whether to add or remove the Watch Label and Seed Label based on its latest findings. During the review, the cryptocurrency exchange considers criteria such as the team’s commitment to the project, the level and quality of development activity, trading volume and liquidity, network security against attacks, network/smart contract stability, public communication level, response speed to periodic compliance requests, unethical/fraudulent behavior or negligence, and contribution to a healthy and sustainable crypto ecosystem.
