Binance has moved many altcoins to the Innovation Zone today. CEO CZ, in a new statement he made recently, explains the new delist criteria for this application.
Binance CEO: We can delist if they still don’t improve
cryptocoin.com As we reported, Binance has decided to move 18 altcoins from the standard trading zone to the innovation zone today. The reason for this move was that the respective altcoins were more volatile and high-risk than others. In this context, the list of altcoins that are now included in the Innovation zone is as follows:
- AirDAO (AMB)
- Arc (ARK)
- BitShares (BTS)
- Drape (DREP)
- FTX Token (FTT)
- Gifto (GFT)
- JasmyCoin (JASMY)
- Loom Network (LOOM)
- Enzyme (MLN)
- OAX (OAX)
- OMG Network (OMG)
- PERL.eco (PERL)
- pNetwork (PNT)
- SONM (SNM)
- Serum (SRM)
- Voyager Token (VGX)
- WazirX (WRX)
- DFI.Money (YFII)
#Binance will move the following assets into the Innovation Zone on May 10, 2023:
AMB, ARK, BTS, DREP, FTT, GFT, JASMY, LOOM, MLN, OAX, OMG, PERL, PNT, SNM, SRM, VGX, WRX, and YFIIhttps://t.co/IhPvXlmd0i
— Binance (@binance) May 10, 2023
Shortly after the above announcement, Binance CEO CZ made new statements regarding the delist decision. According to his tweet, “Rather than directly delisting as some of you have suggested, we will move these ‘non-progress projects’ into the innovation zone first. If they still don’t get better, we can delist it.”
As some of you suggested, instead of direct delistings, we will move "no-progress projects" to innovation zone first. IF they still don't improve, we may delist. One more intermediate step. https://t.co/YKfG8Xui7R
— CZ 🔶 Binance (@cz_binance) May 10, 2023
What is an innovation zone?
Binance Innovation Zone is a section where innovative cryptocurrencies listed on the exchange are traded. The coins in this section are listed after going through a specific review process by Binance and can only be traded by users who meet certain conditions. These conditions usually include a certain trading volume or a certain amount of cryptocurrency.
The exchange recently included FLOKI and PEPE in this scope. According to CZ’s latest statements, new altcoins will need to prove themselves in the Innovation Zone before they can take place in normal trader conditions.
Binance Innovation Zone may change its name
Despite the name ‘Innovation Zone’, not all altcoins listed here are innovative. For example, PEPE and FLOKI were only listed in this region due to their high volatility and risk. When asked if they would make a change in this regard, CEO CZ replied, “I know, we may need to change the name of the region now.”
In the meantime, it should be noted that Binance suspended Bitcoin withdrawals amid heavy volumes on May 7. The exchange halted Bitcoin withdrawals for a few hours on Monday before paying at a higher cost due to high volumes and an increase in transaction fees.
Binance wrote in a tweet, “Our determined fees did not anticipate the recent increase in (Bitcoin) network gas fees. “We are replacing pending BTC withdrawals with a higher fee for them to be received by mining pools.”
‘$6.9 billion volume’
In March, Binance suspended deposits and withdrawals due to technology issues. Twenty-four-hour trading volume on Binance was $6.9 billion, according to CoinMarketCap. More than eight times that of Coinbase, the next largest platform.
