On July 26, Binance announced the launch of two new product enhancements on its platform – Seed Tags and Monitoring Tags – aimed at providing education to users on the subject of volatility and risks, according to the information shared with Finbold on July 26.
Notably, Seed Tags is an offering designed to replace Binance’s Innovation Zone, which was launched around three years ago as a platform where users can trade new, more risky cryptocurrency assets.
This enhancement represents a response to users’ requests for an easier, more convenient way to differentiate crypto tokens available in Binance’s Innovation and Main Trading zones. As such, the exchange will apply Seed Tags to all cryptocurrencies listed in the Innovation Zone, and all future innovative listings that are considered riskier and more volatile compared to other assets.
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Additionally, the second product enhancement Binance is launching is called the Monitoring Tag, which will apply to listed tokens that display significantly higher volatility compared to other tokens.
How can users access cryptocurrencies marked with relevant Tags?
The primary aim of Seed and Monitoring Tags is to educate traders on the potential risks related to buying and selling high-volatility crypto assets. Meanwhile, the introduction of these features makes Binance the first major crypto exchange to roll out a solution for tiered volatility monitoring.
To obtain access to cryptocurrencies marked with Seed Tag or Monitoring Tag, users will be required to complete quizzes on the Binance Spot and/or Binance Margin platforms and confirm they comply with the Terms of Use every 90 days.
These two new features are visible on Binance Spot and Binance Margin trading websites, as well as on the Markets Overview page. Furthermore, to provide users with added caution, all tokens with the Seed and Monitoring tags will be marked with a risk warning sign.
According to the company’s statement, the crypto exchange will also run occasional product reviews to reassess whether the relevant Tags should be added or removed from a specific asset.
The exchange also encourages its users to continue providing their feedback to help the company create the best possible customer experience.
