The leading blockchain and cryptocurrency infrastructure provider in the world, Binance, today unveiled two new product updates on Binance.com that will continue to give customers the liquidity they need and support as many projects as possible while also educating them about volatility and dangers.
The first product improvement adds new Seed Tags to take the position of Binance’s Innovation Zone, which debuted over three years ago. This area was created specifically for users to trade novel, innovative tokens that are more likely to have greater volatility.
Users’ input demanding a simpler method to distinguish between tokens featured in the Innovation Zone and Main Trading Zone led to the introduction of Seed Tags. All tokens listed in the Innovation Zone going forward as well as those that represent creative projects with potential for more volatility and risk than other listed tokens will get Seed Tags.
The Monitoring Tag is a second product improvement that is added to listed tokens with noticeably high volatility in comparison to other listed tokens. In order to inform customers of the possible hazards of trading tokens with high volatility, Binance is the first significant cryptocurrency exchange to implement tiered volatility monitoring improvement.
Because Binance takes responsible trading seriously, in order to access tokens with Seed Tags or Monitoring Tags, users must successfully complete the corresponding quizzes on the Binance Spot and/or Binance Margin platforms to learn about the risks and consent to the Terms of Use every three months.
The accompanying Binance Spot and Binance Margin trading pages, as well as the Markets Overview page, both display the Seed Tags and Monitoring Tags. Additionally, for all tokens with the Seed and Monitoring Tags, a risk warning banner will be shown. In order to determine if the relevant Tags should be added to or deleted from a project, Binance will undertake regular project reviews.
An example of a token showing the Monitoring Tag in the top picture and the Seed Tag in the bottom image
Each week, Binance gets approximately 300 pieces of feedback, and it has always taken these comments carefully while developing new products. In order for the exchange to continue to develop and provide its community with the greatest user experience possible, it urges users to continue to provide their feedback.