Binance has introduced a new warning system placed on Token with significant adjustments in tokenomics.
Binance puts tokenomics risk warning on these 10 Token . Photo: U.Today
Starting October 1, 2024, Binance exchange will flag risk warnings and pop-up notifications for Token with large fluctuations in tokenomics and supply within 18 months.
At #Binance , we're always listening to community feedback and looking out for our users!
— Binance (@binance)October 1, 2024
Starting today, we've introduced risk warnings for tokens with significant tokenomics changes. This initiative boosts transparency and helps you make better-informed decisions.
Find out… pic.twitter.com/SDv0vmqM3O
The goal of this measure is to provide users with important information up front, helping them make smarter trading and investment decisions. The first 10 Token named on the “red flag list” include:
— Solar (SXP)
— Vanar Chain (VANRY)
All 10 Token above have seen notable changes in their tokenomics and respective supplies over the past 18 months.
For example, Binance two days ago announced support for Orion's ORN Token upgrade and rebranding to LUMIA . The upgrade, scheduled for October, will increase the project's total supply from 92,631,255 ORN to 238,888,888 LUMIA . Chiliz also updated its tokenomics earlier this year, adjusting the annual inflation rate for its CHZ Token .
Going forward, any cryptocurrency listed on Binance that undergoes similar changes will also follow this risk warning process.
Binance has been making strides in strengthening its risk management and compliance measures in recent months, especially after facing a $4.3 billion fine from US authorities . Founder and former CEO Changpeng Zhao was recently released from prison after serving four months.
The latest move also falls in line with an announcement the exchange made earlier this year, in which Binance added a “Monitoring Tag” to high-risk coins like Monero (XMR) and Zcash (ZEC).
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