World's largest cryptocurrency exchange, Binance, has announced the addition of five new cryptocurrencies to its monitoring tag, a move that puts them at risk of being permanently removed from the platform.
Although Binance has not directly declared the official delisting of the concerned cryptocurrencies, it often uses the tag for tokens that it considers to have higher volatility and risk, which could put the funds of investors at risk.
Oftentimes, this move has subsequently been followed by a permanent delisting of the tokens from the exchange after they have been closely monitored.
Binance to remove Moonbeam and four other cryptocurrencies
The exchange issued an official announcement, revealing that it has added Moonbeam (GLMR), ICON (ICX), Moonriver (MOVR), SuperRare (RARE), and Sophon (SOPH) to the monitoring tag.
While this implies that Binance is intensifying its scrutiny around the performances of the aforementioned tokens and their ability to meet the exchange's listing requirements, they could be up for delisting next.
It is important to note that Binance did not state whether the tokens will be removed immediately, hence no date has been announced for their removal.
Nonetheless, the company warned that the stated crypto assets could eventually fail to meet its listing criteria and be delisted from the exchange.
Binance tightens security
The move comes amid several criticisms facing the company, especially after its recent regulatory setback in Europe, hence it is tightening its security to provide users with premium safety.
To adequately scrutinize the assets against potential risks, Binance said it will closely examine the team commitment, development activity, trading volume and liquidity, network security, smart contract stability, and the quality of public communication of each of the assets.
U.Today Editorial Team
Dan Burgin
