Binance Labels Zcash and Monero as High-Risk Assets

The leading cryptocurrency exchange Binance has assigned ‘monitoring tags’ to several coins, including privacy-focused Monero and Zcash.

#Binance will add the Monitoring tag to more tokens and will remove the Seed tag for selected tokens.

Find the list of tokens below⬇️https://t.co/RkOQisUv7G

— Binance (@binance) January 4, 2024

“Tokens with a monitoring tag are subject to significantly higher volatility and risks. These tokens are closely monitored, with regular checks conducted,” company representatives explained.

In addition to XMR and ZEC, the company has also targeted:

• Aragon (ANT);
• Firo (FIRO);
• Keep3rV1 (KP3R);
• Mdex (MDX);
• MobileCoin (MOB);
• Reef (REEF);
• Vai (VAI);
• Horizen (ZEN).

“Please note that tokens with a monitoring tag risk no longer meeting our listing criteria,” Binance stated.

To access trading, users must complete short surveys every 90 days about the risks of interacting with the aforementioned crypto assets.

“The monitoring tag was placed on FIRO and other privacy-focused coins due to increased regulatory pressure, including MiCA, recent initiatives in the US, and compliance with Binance’s agreement with the Department of Justice,” Firo co-founder Ruben Yap told The Block.

Last week, the platform OKX also announced the delisting of ANT, XMR, ZEC, and ZEN and the removal of several trading pairs. In December, Binance ceased support for the BUSD stablecoin.