Binance Delisting Watch: Five Altcoins Under Scrutiny
Binance has placed five altcoins on its delisting watchlist, sparking negative investor response. The assets, Moonbeam (GLMR), ICON (ICX), Moonriver (MOVR), SuperRare (RARE), and Sophon (SOPH), have been assigned a Monitoring Tag by the exchange, indicating elevated volatility and risk.
The token review process involves evaluating factors such as team commitment, development activity, trading and liquidity, network security, smart-contract security, public communication, ability to respond to due-diligence requests, changes in token supply, and evidence of misconduct. Binance stated that marking an asset with this tag may mean it no longer meets the listing requirement and may be removed from the exchange.
The announcement has led to price drops for some assets, with Moonriver falling 20.7% in 24 hours to around $0.90 on August 12, while Moonbeam fell around 12.9%. In contrast, Sophon experienced a modest increase of 0.8%. Trading volume increased significantly for Moonriver and ICON, but it is unclear whether this was caused by the announcement.
The review follows recent migrations of GLMR from Polkadot-based Moonbeam parachain and MOVR from Kusama chain to Base, as well as ICON's plan to sunset its legacy blockchain. Binance did not link these events with the risk classification. The exchange has stated that it will periodically review assets and may remove them if they no longer meet listing standards.