Binance has placed a monitoring tag on six tokens, including Movement Labs’ MOVE, due to its previous scandal. This follows the project’s rebranding to Move Industries. The tokens under this tag will be closely monitored for volatility, with potential consequences for non-compliance. Following the announcement, MOVE’s value declined sharply by over 12% within 24 hours, with other tagged tokens also facing downturns, while HIFI and LEVER managed slight increases.
In a recent move to enhance transparency, Binance has introduced a monitoring tag to several tokens, with Movement Labs’ MOVE being the most notable. This change follows a scandal involving market makers and comes on the heels of the project’s rebranding as Move Industries, alongside the ousting of co-founder Rushi Manche. The exchange has indicated that tokens under the monitoring tag exhibit increased volatility and risk when compared to their peers, flagging caution for traders.
Aside from MOVE, Binance extended the monitoring tag to five other tokens: Stella’s ALPHA, Hifi Finance’s HIFI, LeverFi’s LEVER, PORTAL (PORTAL), and Rei Network’s REI. It seems that these tokens will now undergo stringent surveillance by Binance. The exchange plans to review their performances regularly against established guidelines to assess whether they still merit such oversight. Should any of these tokens continue to show significant volatility or non-compliance with listing standards, there’s a risk they could be delisted altogether from the platform.
In the wake of Binance’s announcement, MOVE has continued its decline, dipping more than 12% in the last 24 hours. Trading at around $0.15, it is notably down nearly 50% from its earlier position this month, when the rebranding was first revealed, where it hovered near $0.16. This fall follows the market maker scandal that has clouded the token’s recent performance.
Other tokens mentioned have also felt the impact of the monitoring tag. ALPHA is down over 5%, REI has dropped about 12.5%, and PORTAL has seen the steepest decrease at 17.1% since the monitoring tags were applied, raising concerns among investors. In contrast, HIFI and LEVER managed to buck the trend, showing modest gains of 4.4% and 12.8% respectively in the same time frame.
Beyond signalling higher risks, the monitoring tag imposes additional requirements on Binance users. Those wishing to trade these tagged tokens must now complete a quiz every 90 days via Binance Spot or Margin platforms. Users will also need to repeatedly accept the terms of use laid out by the exchange, adding another layer of oversight. As the crypto landscape evolves, how Binance manages these new tag implementations could shape trading practices significantly.
