Binance adds monitoring tag to BIFI, FIS, KMD, MDT... Tokens tumble double digits
Summary
- Binance announced that it has assigned a monitoring tag to four altcoins: BIFI, FIS, KMD, and MDT.
- The monitoring tag indicates that the token may not meet trading standards, meaning delisting and other actions may be considered.
- It was reported that these tokens immediately recorded double-digit declines after being tagged.
The global virtual asset (cryptocurrency) exchange Binance assigned a 'monitoring tag' to four altcoins—Rain (BIFI), StarFi (FIS), Komodo (KMD), and Measurable Data Token (MDT)—causing the prices of these tokens to plummet sharply.
According to the crypto-specialized media outlet BeInCrypto on the 5th, Binance announced that it would apply a monitoring tag to BIFI, FIS, KMD, and MDT. This tag indicates the possibility that a token may not meet trading standards, and serves as a warning that actions such as delisting may be considered in the future.
Immediately after this measure, these tokens all recorded double-digit declines. According to CoinMarketCap on the same day, BIFI was trading at $162.85, down 10.7% from the previous day, while FIS dropped 19%, KMD 20%, and MDT 20.9% respectively.
Binance explained, "These tokens have more risk factors than other listed assets in terms of volatility, regulation, and network stability."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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