Altcoins Added to the Monitoring List

According to Binance’s announcement, the new tokens added to the Monitoring Tag are:

• Tranchess (CHESS)

• Dent (DENT)

• dForce (DF)

• Aavegotchi (GHST)

• Solar (SXP)

Tokens with the Monitoring Tag are regularly reviewed due to their high volatility and risk of not meeting listing criteria.

Binance’s Evaluation Criteria

Binance conducts periodic reviews to decide whether to add or remove the Monitoring Tag for a token. The main criteria considered include:

• Commitment of the project team
• Quality of development activity
• Liquidity and trading volume
• Network stability and security
• Community communication and transparency
• Responsiveness to Binance’s periodic due diligence requests
• Evidence of unethical or fraudulent behavior
• Regulatory changes
• Sudden changes in token supply
• Changes in project ownership or core team

Users wishing to trade Monitoring Tag tokens on Binance Spot or Margin platforms must complete a risk warning quiz every 90 days. Binance stated that other services related to these tokens will not be affected, and the Monitoring Tags will be updated shortly on the platform.

What is the Risk Warning Quiz?

The risk warning quiz is a short test required for users who want to trade tokens with the Monitoring Tag. Its purpose is to ensure users are aware of the token’s high volatility, potential risks, and possible delisting.

Users cannot trade these tokens on Binance Spot or Margin until they pass the quiz. The quiz must be completed every 90 days, and users acknowledge Binance’s Terms of Use by doing so.

What Does Being on Binance’s Monitoring List Mean?

Coins on Binance’s monitoring list are closely watched due to potential risks. The Monitoring Tag indicates that a token may face issues such as high volatility, low development activity, weak liquidity, or lack of transparency from the project team.

Although being tagged does not mean the token is immediately delisted, it increases the likelihood of future delisting. Binance periodically reviews these projects and can remove tokens from the platform if they fail to meet the criteria. Therefore, coins on the Monitoring Tag serve as an important warning for both investors and the market.

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The post Binance Adds 5 Altcoins to Monitoring List appeared first on Coin Engineer.

CHESS Technical Analysis

CHESS experienced a rise of more than 50 percent yesterday according to TradingView data. However, the value of the popular cryptocurrency increased from $ 0.14 to $ 0.225. One of the important factors in this rise of CHESS was its listing on Binance.

CHESS experienced a rise of more than 50 percent after its Binance listing, but it sold from the $ 0.225 area and the cryptocurrency fell to its current area of ​​$ 0.19. Currently, the previous resistance areas are traded as support, and the chart looks healthy in CHESS. However, the support area in CHESS is the $ 0.19 area where the price is currently located, while the resistance is the $ 0.2 area. CHESS’s closings above $ 0.2 will continue the positive outlook.

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The post Transchess (CHESS) Coin Review – August 31, 2024 appeared first on Coin Engineer.