Binance flags ten tokens for potential delisting

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Binance flags ten tokens for potential delisting

Binance Founder and Former CEO Changpeng Zhao | Ben McShane/Web Summit via Sportsfile licensed under the Creative Commons Attribution 2.0 Generic license

By Crypto Republique

Jan 8, 2024

Binance, the world's largest cryptocurrency exchange by trading volume, has announced the addition of a Monitoring Tag to ten tokens. This move indicates that these tokens may face potential delisting due to their volatility and risk. Binance had previously delisted several of these tokens in France last year in compliance with local regulations.

In a post on its website dated January 4, Binance revealed that it added the Monitoring Tag to ten crypto tokens: Aragon, Firo, Keep3rV1, Mdex, MobileCoin, Reef, Vai, Monero, Zcash, and Horizen. The company stated that this tag is indicative of "notably higher volatility and risks compared to other listed tokens." Binance went on to say that it will monitor and regularly review these flagged tokens and could potentially remove them from its platform.

According to the post on Binance's website, the exchange takes into account multiple factors when deciding whether or not to delist a token. These include the status of its development, how frequently the token's issuer communicates with the public, how responsive the issuer is to Binance's due diligence requests, any evidence of negligence or fraudulent activity, and whether or not the token contributes "to a healthy and sustainable crypto ecosystem."

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BeInCrypto reported that several of these newly-flagged tokens were already unavailable for trading by Binance's French users last year. Changpeng Zhao (CZ), founder and former CEO of Binance, informed French users via an email in May 2023 that in order to comply with French regulations, certain confidential cryptocurrencies including Firo, Zcash, MobileCoin and Monero would be delisted. This action was taken amidst a regulatory tightening in Europe concerning confidential cryptocurrencies, which can be used for illicit activities such as money laundering while ensuring user privacy.

In May 2022, France's regulator granted Binance a Digital Asset Service Provider (DASP) registration, making it the first major crypto exchange to receive this license in France, as per a post on Binance's website. CZ lauded France's regulatory process, noting in a statement that the country has established "stringent" protections against money laundering and terror financing.

Launched in 2017, Binance is now the world's largest crypto exchange with a daily trading volume of approximately $76 billion, according to CoinMarketCap. The exchange lists over 350 tokens and provides users with the ability to buy, sell, and store their digital assets.