Binance Imposes Monitoring Label on MOVE Post Market Maker Controversy and Rebranding

Binance Imposes Monitoring Label on MOVE Post Market Maker Controversy and Rebranding

Vibrant Update:

Binance, the renowned cryptocurrency exchange, has tagged six tokens with a watchful eye, most noticeably Movement Labs' MOVE. The project has been in troubled waters, embroiled in a market maker scandal and recently underwent a rebranding as Move Industries.

In a recent announcement, Binance revealed their decision to tag these tokens, starting with MOVE. This action comes following the protocol's change of name and removal of co-founder Rushi Manche.

"Tokens with the Monitoring Tag unveil considerable volatility and risks contrasting other listed tokens," Binance stated.

Joining MOVE in the watchlist are Stella's ALPHA, Hifi Finance's HIFI, LeverFi's LEVER, PORTAL, and Rei Network's REI.

According to the announcement, tokens tagged under the Monitoring Tag will be under Binance's constant scrutiny. The exchange aims to conduct regular reviews of each token based on its guidelines to determine whether it still requires the tag.

If tokens persist in demonstrating unusual volatility and trading risks or fail to meet listing criteria, they may face removal from the platform entirely.

Bouncing Back?Immediately after Binance's announcement, MOVE witnessed another dip in its ongoing downtrend. Currently, the token stands at a 12% drop in the past 24 hours, hovering at $0.15. Compared to its rebrand announcement, MOVE still reflects a 10% decline.

Other mentioned tokens like REI, ALPHA, and PORTAL also faced declines after the Monitoring Tag was applied. ALPHA saw a 5% decrease, REI lost as much as 12.5%, while PORTAL suffered the most substantial fall, plummeting by 17.1%.

Contrastingly, HIFI and LEVER managed to sustain growth, with HIFI rising by 4.4% and LEVER climbing by 12.8% over the past 24 hours of trading.

In addition to the heightened trading risk warning, a Monitoring Tag on a token means that Binance users must complete a quiz every 90 days on the Binance Spot and Binance Margin platforms to trade the tokens. Users must also agree to the platform's terms of use recurrently.

Lower Fees on the Horizon?Meanwhile, the founder of Binance has proposed a plan to cut Binance Smart Chain (BSC) gas fees by three to ten times, aiming to boost the growth of the platform. Stay tuned for more updates on this potential change!

Insights:- The Monitoring Tag is a precautionary measure taken by Binance, implying increased volatility and trading risks associated with the listed tokens.- The tag signifies increased scrutiny over a token's performance and potential delisting if it fails to meet Binance's standards.- The addition of the Monitoring Tag can lead to decreased investor confidence and further price volatility for the affected tokens.- Users trading tokens with the Monitoring Tag must complete a quiz every 90 days and agree to the platform's terms of use periodically, potentially reducing overall trading activity.

1. Binance, well-known in the cryptocurrency sphere, has added the Movement Labs' MOVE token to its Monitoring Tag list, following a change in the protocol's name and the removal of co-founder Rushi Manche.
2. Stella's ALPHA, Hifi Finance's HIFI, LeverFi's LEVER, PORTAL, and Rei Network's REI have also been tagged, joining MOVE on Binance's Watchlist.
3. Binance stated that tokens under the Monitoring Tag show considerable volatility and risks contrasting with other listed tokens, and will be subjected to constant scrutiny.
4. An increase in volatility and trading risks or failure to meet listing criteria could lead to these tokens being delisted from the Binance platform.
5. Post the announcement, MOVE, ALPHA, REI, and PORTAL all experienced a decline, while HIFI and LEVER managed to sustain growth.
6. Binance's founder is proposing a plan to cut Binance Smart Chain (BSC) gas fees by three to ten times, aiming to boost growth on the platform. This potential change is set to be announced later.

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