Binance, the world's largest cryptocurrency exchange, has applied a risk warning label to 10 altcoins. As justification, the exchange stated that these
Binance has applied a risk warning label to 10 altcoins. As justification, the exchange stated that these altcoins have experienced significant changes in their token economies over the past 18 months. The exchange noted that it will implement a pop-up notification for these tokens.
Altcoins affected by this update 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). Binance made the following statement on the subject:
“At Binance, we’re always listening to community feedback and looking out for our users! Starting today, we’ve introduced risk alerts for tokens with significant tokenomic changes. This initiative increases transparency and helps you make more informed decisions.”
Binance stated that from October 1, 2024, users will need to confirm a pop-up notification to gain trading access to these tokens. By implementing these changes, the exchange aims to provide a higher level of security and information to its users.
In another development, Binance announced that it will support the Orion (ORN) main-net swap and rebranding to Lumia (LUMIA). The exchange will delist all existing ORN spot trading pairs (i.e. ORN/BTC and ORN/USDT) on October 15 at 06:00 PT. It will also cancel all pending ORN spot trading orders.
On the same day, the exchange will suspend all deposits and withdrawals of ORN tokens. Binance states that users should leave sufficient time for their ORN deposits to be fully processed by this time. Spot Copy Trade and Trading Bots on ORN-based pairs will be closed on October 14-15. It will also remove the token from Cross and Isolated Margin on October 3. Additionally, it will remove ORN products from the Earn program and the exchange’s credit module on October 9-10. All remaining ORN positions, along with accrued rewards, will be transferred to users’ spot wallets on October 11.
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