Binance cryptocurrency exchange has announced the implementation of a new feature aimed at enhancing user transparency and security. Effective from October 1, 2024, the platform will introduce a risk warning banner and a pop-up notification for tokens that have experienced significant changes to their tokenomics and supply in the past 18 months.
Binance Enhances Transparency with Alerts on Tokenomics Alterations
Binance has initiated an update to improve platform safety and transparency. This update introduces a new alert system that will flag tokens with substantial tokenomics adjustments. Starting October 1, 2024, tokens that have undergone major changes in their economic structure or supply will feature a risk warning banner and a mandatory pop-up notification on the Binance platform. This measure is designed to ensure that users are fully informed about the tokens they choose to trade.
The need for such notifications has arisen from community feedback that requested more transparency regarding tokens with modifications. Binance has responded by implementing a system where traders must acknowledge these changes. Hence, investors must confirm through a pop-up before they can proceed with trading.
Detailed Overview of Affected Tokens
The new policy will initially apply to a specific list of tokens that have seen tokenomics changes within the last 18 months. These tokens 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). Each of these tokens has been identified based on the extent of their tokenomics restructuring or supply fluctuations.
Going forward, any cryptocurrency listed on Binance that undergoes similar changes will also be subject to the same risk warning protocols. This proactive approach helps in maintaining the integrity of the trading platform. Concurrently, it supports the crypto community in navigating risks associated with these token investments.
Additionally, these changes will guide users through their trading decisions by providing them with critical information upfront.
In related news, Binance recently secured a full Digital Asset Trading Facility (DATF) license from the Astana Financial Services Authority (AFSA) in Kazakhstan. This license is a testament to the exchange adherence to regulatory standards. It will help the exchange expand its services in a compliant manner.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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