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Cryptocurrency exchange Binance recently announced the expansion of its Watchlist, which includes altcoins that could be delisted starting from April 3, 2024, by adding new altcoins. Accordingly, Binance has recently added Ellipsis (EPX), ForTube (FOR), Unfi Protocol DAO (UNFI), Waves (WAVES), and Wrapped NXM (WNXM) to the Watchlist.
They Now Face the Risk of Being Delisted
Altcoins carrying the Watchlist Tag on Binance are defined as having higher volatility and risk compared to other listed altcoins and are closely monitored by the cryptocurrency exchange, subjecting them to regular reviews.
Binance states that altcoins with the Watchlist Tag are subject to periodic project reviews, during which the exchange’s team will evaluate various criteria including the team’s commitment to the project, level of development activity, trading volume and liquidity, network stability, and responsiveness to due diligence requests. These evaluations determine whether an altcoin continues to meet Binance’s listing criteria or if it faces the risk of potentially being delisted.
While the addition of the Watchlist Tag to an altcoin will increase scrutiny, Binance added that other services related to these altcoins on the platform will not be affected. The Watchlist Tag will be prominently displayed along with a risk warning header on the relevant Binance trading pages.
Trading Marked Altcoins Requires Passing a Test
Users who wish to access trading for altcoins marked with the Watchlist Tag will need to accept the exchange’s Terms of Use and pass a test conducted every 90 days on the Binance Spot and/or Binance Margin platforms. The purpose of these tests is to ensure that users are well-informed about the risks associated with trading these types of altcoins.
Overall, Binance’s decision to expand the Watchlist to include EPX, FOR, UNFI, WAVES, and WNXM is part of its goal to provide a safe and transparent trading experience for its users. By implementing measures to mitigate risks associated with volatile altcoins, Binance aims to develop a healthier and more sustainable cryptocurrency ecosystem for all stakeholders involved.
