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The cryptocurrency exchange Binance announced updates to its Watch Tag list effective from July 1, 2024. The Watch Tag will now include 11 additional altcoins and two altcoins will be removed from this list. For those unaware, the purpose of the Watch Tag is to highlight altcoins that carry higher volatility and risk compared to other altcoins listed on the cryptocurrency exchange.
New Altcoins Added to Binance’s Watch Tag List
Starting from July 1, 2024, Binance added Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), Status (SNT), and Sun (SUN) to the watch list. Meanwhile, Enzyme (MLN) and Horizon (ZEN) were removed from the watch list.
Altcoins with the Watch Tag are under close observation due to higher volatility and associated risks. Binance conducts regular reviews of these altcoins to determine if they meet the platform’s listing criteria. If these altcoins fail to meet these standards, they may potentially be delisted. The Watch Tag is designed to inform users about the higher risks associated with trading these altcoins.
To trade altcoins marked with the Watch Tag, users must take a test on Binance Spot and/or Binance Margin platforms every 90 days. This test ensures that users understand the risks before starting to trade. Users must also accept Binance’s Terms of Use. The Watch Tag appears with a risk warning header on relevant Binance trading pages and the Market Overview page.
Criteria for Watch Tag Reviews
Binance periodically reviews projects based on various criteria to decide whether to add or remove a Watch Tag for an altcoin.
These criteria include the team’s commitment to the project, the level and quality of development activity, trading volume and liquidity, network stability and security against attacks, network and smart contract stability, the level of public communication, responsiveness to due diligence requests, evidence of unethical or fraudulent behavior, contribution to a healthy and sustainable crypto ecosystem, transparency, and whether the project maintains its commitments to Binance.
Furthermore, the cryptocurrency exchange assures users that other services related to these altcoins will not be affected by these changes. Binance’s Watch Tag application aims to ensure that the altcoins listed meet high standards to build a transparent and sustainable crypto ecosystem. Users are encouraged to be aware of and maintain their awareness of the risks associated with trading altcoins carrying the Watch Tag.
