Binance Adds Watch Tags to Certain Tokens: Be Alert and Take the Quiz!

Bittime - Binance is applying watch tags to several tokens on their platform starting today, April 3, 2024. These tokens include:

• Ellipsis ( EPX )
• ForTube ( FOR )
• Unfi Protocol DAO ( UNFI )
• Waves ( WAVES )
• Wrapped NXM ( WNXM )

What Does a Watch Tag Mean?

A watch tag from Binance indicates that certain tokens may experience higher volatility and carry greater risk compared to other tokens listed on the exchange. 

This marking serves as a warning step for users, encouraging them to be extra vigilant when considering trading this asset.'

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Why Did Binance Add Watch Tag?

According to their announcement, Binance recently conducted a review and determined that this token no longer meets the standards set when it was first listed. 

This could be due to factors such as low trading volume, significant price fluctuations, or project developments that cause concern. As a result, this token now faces potential delisting from the Binance platform.

Binance Supervision Tag Quiz

To access tokens with this watch tag on the Binance Spot and/or Binance Leverage platforms, users need to:

• Pass Quiz Every 90 Days: A quiz designed to assess your understanding of the risks associated with watch tagged tokens must be completed and passed every 90 days.
• Agree to Terms of Use: You must agree to the revised terms of use to trade watch tagged tokens.

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How to Find Tokens with Surveillance Tags

Monitoring tags and associated risk warning banners will be displayed on:

• Monitoring tab on the corresponding Binance Spot and Binance Margin trading pages.
• Market summary page.

Binance Review Process

Binance will conduct regular project reviews to determine whether monitoring tags should be added or removed from the token. This review considers factors such as:

• Project Development: Progress and adherence to the project roadmap.
• Trading Activity: Volume, liquidity and price stability.
• Community Engagement: Level of user activity and project updates.
• Security Audit: Independent security audit to identify potential vulnerabilities.

Trading Carefully Is Key

While the addition of watch tags does not completely restrict trading, it does require a more cautious approach. Here are some steps you can take to manage risk:

• In-depth Research: Before investing, do thorough research on the project, its underlying technology and the usefulness of the token.
• Start with a Small Amount: Especially if you are unfamiliar with the token, start with a smaller investment amount to limit potential losses.
• Risk Management Strategies: Use risk management strategies, such as stop-loss orders, to reduce potential losses.

By remaining vigilant about watch tags, implementing good risk management practices, and taking the necessary quizzes, you can navigate the crypto markets with more confidence. Remember, the Binance watch tag serves as a starting point for informed decision making, not a definitive barrier to entry.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.  

To be able to buy crypto assets on  Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn  Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

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DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.