Binance Implements Enhanced Surveillance Measures on Multiple Cryptocurrencies
Binance, the world’s leading cryptocurrency exchange, has recently announced the implementation of “monitoring tags” on a total of ten digital assets, including several privacy tokens such as Monero (XMR) and Zcash (ZEC).
In addition to XMR and ZEC, the list also includes tokens such as ANT, FIRO, KP3R, MDX, MOB, REEF, VAI, and ZEN.
This decision indicates that these assets exhibit higher volatility and risks compared to other tokens listed on the platform. Binance has warned in its announcement that these assets are under close surveillance and risk being delisted from the platform if they no longer meet the listing criteria.
“Tokens with the monitoring tag exhibit significantly higher volatility and risks compared to other listed tokens.”
Binance stated
In addition to being closely monitored, users who wish to trade these “tagged” cryptocurrencies will be required to complete quizzes every 90 days.
In the same announcement, Binance also revealed that it has removed the tokens GMX and SUSHI from its watchlist, which is good news for these two crypto projects.
Increased Regulatory Pressure
This move by Binance comes amidst a backdrop of increased regulatory pressure, particularly due to recent actions by American regulators and the MICA regulation.
Moreover, this decision echoes a similar announcement by OKX exchange, which recently stated that it would remove 11 trading pairs associated with privacy-focused tokens starting from 2024.
