Binance Labels Zcash and Monero as High-Risk Crypto Assets
Date: 2024-01-05 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Binance, a leading player in the cryptocurrency market, has introduced a "monitoring tag" to a list of cryptocurrencies, signaling heightened risks associated with these assets. Among the coins affected are Monero (XMR) and Zcash (ZEC), both known for their focus on privacy.
According to representatives from Binance, tokens with the monitoring tag exhibit significantly higher volatility and are subject to more rigorous scrutiny and checks. Binance emphasized that these tokens may no longer meet their listing criteria in the future.
In addition to XMR and ZEC, the following cryptocurrencies have also come under Binance's watchful eye:
1. Aragon (ANT)
2. Firo (FIRO)
3. Keep3rV1 (KP3R)
4. Mdex (MDX)
5. MobileCoin (MOB)
6. Reef (REEF)
7. Vai (VAI)
8. Horizen (ZEN)
Binance has made it mandatory for users to complete short risk assessment surveys every 90 days to continue trading with these tagged assets.
The decision to label these cryptocurrencies as high-risk is primarily attributed to increasing regulatory pressure, particularly in light of initiatives like MiCA in the United States, and Binance's commitment to complying with legal agreements, including those with the Department of Justice.
Last week, the OKX platform also announced the delisting of ANT, XMR, ZEC, and ZEN, along with the removal of several trading pairs involving these tokens.
In December, Binance ceased its support for the BUSD stablecoin.
