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News

Binance Revolutionizes Token Trading With Innovative Tag Systems

July 26, 2023 - Around 3 mins mins to read

Key Points:

  • Binance launches Seed Tag and Monitoring Tag for high-risk tokens.
  • Users must pass quizzes and accept the Terms of Use for trading access.
  • The initiative aims to promote transparency and sustainable growth.
On July 26, 2023, Binance, the leading cryptocurrency exchange, announced the launch of the Seed Tag and Monitoring Tag, aimed at assisting users in differentiating tokens with varying degrees of risk and volatility. The decision comes in response to feedback from the community, highlighting the challenges users face when distinguishing tokens listed in the Innovation Zone and Main Trading Zone.
Binance Revolutionizes Token Trading With Innovative Tag Systems

To gain trading access to tokens marked with the Seed Tag or Monitoring Tag, users will be required to undergo corresponding quizzes every 90 days on the Binance Spot and/or Binance Margin platforms. Additionally, they must accept the provided Terms of Use. The quizzes are strategically designed to ensure users fully comprehend the risks associated with trading tokens labeled with the Seed Tags and Monitoring Tags. These tags will be visible on the corresponding Binance Spot and Binance Margin trading pages, as well as on the Markets Overview page, accompanied by a risk warning banner.

The introduction of the Seed Tag marks the replacement of the Innovation Zone, encompassing all tokens currently listed within it, along with future listings representing innovative projects that may carry higher volatility and risks compared to other tokens listed on the exchange.

Moreover, the Monitoring Tag will be applied to a specific set of tokens that exhibit notably higher volatility and risk levels compared to other listed tokens.

Binance is committed to regularly reviewing projects and updating relevant tags based on the latest findings. The criteria considered during these reviews include the team’s dedication to the project, the level and quality of development activity, trading volume, liquidity, stability and safety of the network from attacks, smart contract stability, level of public communication, responsiveness to due diligence requests, evidence of unethical/fraudulent conduct or negligence, and contribution to a healthy and sustainable crypto ecosystem.

It is important to note that other services related to the aforementioned tokens will not be affected by the introduction of Seed Tags and Monitoring Tags. Binance continues to strive towards building a transparent and sustainable crypto ecosystem, promoting long-term growth within the industry.

However, the exchange is currently facing regulatory challenges. Its CEO, Changpeng Zhao, is planning to file a motion to dismiss the Commodity Futures Trading Commission (CFTC) complaints. Binance and its CEO have been accused of violating the Commodity Exchange Act and related federal regulations.

Binance Revolutionizes Token Trading With Innovative Tag Systems

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

CFTC

Changpeng Zhao

Monitoring Tag

Seed Tag

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance Revolutionizes Token Trading With Innovative Tag Systems

Key Points:

  • Binance launches Seed Tag and Monitoring Tag for high-risk tokens.
  • Users must pass quizzes and accept the Terms of Use for trading access.
  • The initiative aims to promote transparency and sustainable growth.
On July 26, 2023, Binance, the leading cryptocurrency exchange, announced the launch of the Seed Tag and Monitoring Tag, aimed at assisting users in differentiating tokens with varying degrees of risk and volatility. The decision comes in response to feedback from the community, highlighting the challenges users face when distinguishing tokens listed in the Innovation Zone and Main Trading Zone.
Binance Revolutionizes Token Trading With Innovative Tag Systems

To gain trading access to tokens marked with the Seed Tag or Monitoring Tag, users will be required to undergo corresponding quizzes every 90 days on the Binance Spot and/or Binance Margin platforms. Additionally, they must accept the provided Terms of Use. The quizzes are strategically designed to ensure users fully comprehend the risks associated with trading tokens labeled with the Seed Tags and Monitoring Tags. These tags will be visible on the corresponding Binance Spot and Binance Margin trading pages, as well as on the Markets Overview page, accompanied by a risk warning banner.

The introduction of the Seed Tag marks the replacement of the Innovation Zone, encompassing all tokens currently listed within it, along with future listings representing innovative projects that may carry higher volatility and risks compared to other tokens listed on the exchange.

Moreover, the Monitoring Tag will be applied to a specific set of tokens that exhibit notably higher volatility and risk levels compared to other listed tokens.

Binance is committed to regularly reviewing projects and updating relevant tags based on the latest findings. The criteria considered during these reviews include the team’s dedication to the project, the level and quality of development activity, trading volume, liquidity, stability and safety of the network from attacks, smart contract stability, level of public communication, responsiveness to due diligence requests, evidence of unethical/fraudulent conduct or negligence, and contribution to a healthy and sustainable crypto ecosystem.

It is important to note that other services related to the aforementioned tokens will not be affected by the introduction of Seed Tags and Monitoring Tags. Binance continues to strive towards building a transparent and sustainable crypto ecosystem, promoting long-term growth within the industry.

However, the exchange is currently facing regulatory challenges. Its CEO, Changpeng Zhao, is planning to file a motion to dismiss the Commodity Futures Trading Commission (CFTC) complaints. Binance and its CEO have been accused of violating the Commodity Exchange Act and related federal regulations.

Binance Revolutionizes Token Trading With Innovative Tag Systems

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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