As the cryptocurrency market consolidates after the recent rally, Bitcoin continues to hold its ground above $63,000. Altcoins are also showing resistance, but amidst this market turbulence, Binance, one of the leading crypto exchanges, has flagged several tokens as ‘high-risk.’ According to Binance, this move is a step toward ensuring transparency for its users.
Binance Tags 10 Altcoins as ‘High-Risk’
On October 1, 2024, Binance labeled 10 altcoins as ‘high-risk’ due to significant changes in their tokenomics over the past 18 months. The exchange has implemented a pop-up warning for traders dealing with these tokens. The affected altcoins include Travala (AVA), Chiliz (CHZ), Enjin Coin (ENJ), IOTA (IOTA), Lisk (LSK), Metal DAO (MTL), Orion (ORN), Self Chain (SLF), Solar (SXP), and Vanar Chain (VANRY).
In an official statement, Binance said:
“At Binance, we always listen to community feedback and prioritize user safety! Starting today, we are introducing risk warnings for tokens with significant tokenomics changes. This initiative enhances transparency and helps users make more informed decisions.”
At #Binance, we’re always listening to community feedback and looking out for our users!
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
— Binance (@binance) October 1, 2024
Starting October 1, 2024, users must acknowledge a pop-up warning before trading these tokens on Binance. The exchange’s aim is to provide its users with a higher level of security and knowledge.
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Orion’s Transition to Lumia
In addition to the new ‘high-risk’ labels, Binance has also announced its support for Orion’s (ORN) transition to Lumia (LUMIA). As per the official statement on their website, Binance will delist all existing ORN spot trading pairs (ORN/BTC and ORN/USDT) by October 15, 2024, at 06:00 UK time. All pending ORN spot orders will be canceled.
#Binance anywhere, even in the desert pic.twitter.com/OMeovcov6S
— Binance (@binance) September 30, 2024
On the same day, ORN deposits and withdrawals will be suspended. Binance has advised users to ensure their ORN deposits are fully processed before the cutoff time. Other services like Spot Copy Trade and Trading Bots tied to ORN will be terminated between October 14 and 15. The token will also be removed from Cross and Isolated Margin by October 3, and ORN will be withdrawn from the Earn program and the lending module by October 9-10. Any remaining ORN positions, along with accrued rewards, will be transferred to users’ spot wallets by October 11.
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