Binance has added a “Monitoring Tag” to five altcoins following its latest reviews. The decision covers Moonbeam (GLMR), ICON (ICX), Moonriver (MOVR), SuperRare (RARE), and Sophon (SOPH).
The exchange said these tokens carry higher volatility and risk than other listed assets. The projects will now face regular reviews and could eventually be delisted if they fail to meet Binance’s listing standards.
Binance places five altcoins under closer review
According to Binance’s August 11 announcement, the following altcoins have received the Monitoring Tag:
- Moonbeam (GLMR)
- ICON (ICX)
- Moonriver (MOVR)
- SuperRare (RARE)
- Sophon (SOPH)
The tags will appear on the relevant spot and margin trading pages shortly after the announcement. Binance said other services associated with the tokens will remain unaffected.
The decision does not mean that the assets will be delisted immediately. However, the Monitoring Tag signals that Binance is subjecting the projects to closer scrutiny amid heightened concerns over their risk profiles.
How does Binance evaluate altcoins?
Binance evaluates projects across several areas when deciding whether to add or remove a Monitoring Tag. The project team’s continued commitment, the level of development activity, trading volume, and liquidity are among the main criteria.
The exchange also reviews the network’s security against attacks and the stability of its smart contracts. The team’s public communication and responsiveness to Binance’s periodic due diligence requests also influence the assessment.
Unjustified increases in token supply or significant changes to tokenomics can raise a project’s risk profile. Evidence of fraud, negligence, or unethical conduct may also affect Binance’s listing decisions.
Binance did not disclose which specific criteria raised concerns for each of the five projects. The announcement only stated that the decision followed the exchange’s latest reviews.
Altcoins suffer sharp price declines
All five altcoins covered by the decision were trading lower over the previous 24 hours when the article was prepared. Market data showed that MOVR recorded the sharpest decline, falling nearly 17%.
ICX dropped by around 10%, while GLMR lost 9%, RARE declined 8%, and SOPH fell 7%. However, broader selling pressure across the cryptocurrency market means the losses cannot be attributed solely to Binance’s announcement.
A Monitoring Tag can weigh on investor sentiment, particularly for altcoins with limited liquidity. If the tag remains in place and a project falls further below Binance’s standards, its risk of being delisted could increase.
GLMR and MOVR recently underwent a network migration
GLMR and MOVR stand out as two tokens connected to the same ecosystem. In July, Binance announced that it would end support for deposits and withdrawals through the Moonbeam and Moonriver mainnets.
The exchange supported the migration of both tokens to the Base network at a one-to-one ratio. However, Binance did not establish a direct connection between this migration and its latest Monitoring Tag decision.
The five projects will now undergo periodic reviews. Binance may remove the tag if their risk profiles improve and they meet the exchange’s standards again; deteriorating conditions could eventually result in the termination of spot trading support.
