Binance, the world's largest cryptocurrency exchange, started the day with new announcements.
At this point, Binance announced that it will launch the Seed Tag and Monitoring Tag, which are suitable for high volatility and high risk tokens, on July 26.
Stating that the Seed Tag will replace the Innovation Zone, Binance said that they launched these tags after feedback from users.
Stating that these tags are specially designed for high volatility and high risk tokens, Binance stated that users must pass an exam in order to trade tokens with these tags.
Binance made the following statements in its statement:
“Based on feedback from the community that it is difficult for users to distinguish tokens listed in the Innovation Zone and Main Trading Zone, Binance will launch the Seed Tag and Track Tag on 26/07/2023.
To gain trading access to tokens marked with a Seed Tag or Tracker Tag, users must pass the relevant exams and accept the terms of use every 90 days on the Binance Spot and/or Binance Margin platforms.
These tests are set up to ensure that users are aware of the risks before trading tokens with Seed Tags and Tracking Tags.
Binance will regularly review tagged tokens and update tags based on the latest findings.
A risk warning banner will also be displayed for all markers with Seed Labels and Tracking Labels.
The Seed Label will replace the Innovation Zone and will be applied to all tokens currently listed in the Innovation Zone, as well as future listings representing innovative projects that may exhibit higher volatility and risk compared to other tokens listed.”
In addition to these, Binance coined the likes of Acropolis (AKRO), Ark (ARK), Cream Finance (CREAM), FTX Token (FTT), Tornado Cash (TORN), and Multichain (MULTI), which exhibit significantly higher volatility and risks compared to other listed altcoins. will apply the Tracking Tag to some numbered tokens.
With the Binance sticker app, it aims to provide users with more information and transparency about the risks associated with cryptocurrency investments.
Binance also announced today that it will list the first digital USD, First Digital USD (FDUSD).
*Not investment advice.