Markets News Report
April 03, 2024

Binance Adds Monitoring Tags For EPX, FOR, UNFI, WAVES, WNXM Tokens, Indicating Potential Removal

In Brief

Binance placed Monitoring Tags for EPX, FOR, UNFI, WAVES, and WNXM tokens, signifying non-compliance with the exchange’s standards.

Binance Adds Monitoring Tags For EPX, FOR, UNFI, WAVES, WNXM Tokens, Indicating Potential Removal

Cryptocurrency exchange Binance announced that it has initiated Monitoring Tags for EPX, FOR, UNFI, WAVES, and WNXM tokens. This action signifies that these tokens may no longer comply with the exchange’s standards and could potentially be removed from the platform in the future.

The exchange is currently scrutinizing these tokens and conducting regular evaluations, as they no longer adhere to the platform’s listing criteria and are scheduled for delisting. According to the announcement, Binance will persist in conducting assessments to decide on applying or removing Monitoring Tags from the tokens.

To start trading with these tokens, users must complete a quiz once in 3 months on either the Binance Spot or Binance Margin platforms and accept the terms of use.

Tokens Added In 2020 Face Potential Removal Due To Non-Compliance with Listing Criteria

Most projects whose tokens face potential delisting were added to Binance in 2020. It is believed that they have failed to meet one or more criteria necessary for eligibility, such as the team’s commitment to the project, the level and quality of development activity, trading volume, and liquidity, among other factors.

Namely, Ellipsis (EPX), whose token was added in 2022, functions as a decentralized exchange (DEX) enabling the exchange of stablecoins with low slippage and low fees on the BNB Chain. It represents an authorized fork of the exchange liquidity pool on the Ethereum Curve platform. EPX serves as Ellipsis’ native token on the BEP-20 standard, with a maximum supply capped at 132,000,000,000.

ForTube (FOR) is a cryptocurrency lending platform based on the Force Protocol–a decentralized finance (DeFi) service protocol built on Binance Smart Chain and Ethereum. FOR is the native utility token for ForTube and the Force Protocol, playing a role in governance voting and reward distribution.

Furthermore, Unifi Protocol DAO (UNFI) comprises a collection of non-custodial, interoperable multi-chain smart contracts designed to facilitate the development of DeFi products. Its governance token, UNFI, is available on BEP-20 and ERC-20 standards. The total supply of UNFI tokens is 2,258,333 UNF, with the Initial circulating token supply set at 2,258,333 UNFI, representing 22.58%.

Meanwhile, Waves (WAVES) is a blockchain and toolkit for building decentralized applications (dApps). It incorporates Leased Proof-of-Stake (PoS), allowing users to securely lend their tokens to a preferred node solely for block validation.

WNXM denotes tokens that represent wrapped NXM, allowing for their unrestricted transferability. The NXM tokens serve as membership tokens for Nexus Mutual, a blockchain-based mutual enabling the purchase of Smart Contract Cover.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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