Binance Adds BAKE, IDEX, SLF to Monitoring Tag List, Prices Volatile

On July 7, Binance announced the extension of its Monitoring Tag list to include three digital assets: BakeryToken (BAKE), IDEX (IDEX), and Self Chain (SLF). This decision came after a thorough review of the projects, which are part of the BakerySwap decentralized AMM protocol based on BSC, a hybrid DEX combining an order book model with an AMM, and a modular intent-centric access L1 blockchain and keyless wallet infrastructure service, respectively.

Binance's Monitoring Tag list is designed to highlight tokens that exhibit higher volatility risks compared to other projects. These tokens are closely monitored and reviewed periodically to ensure they continue to meet Binance’s listing criteria. The inclusion of these tokens in the Monitoring Tag list indicates that they are at risk of being delisted from the platform if they fail to meet the criteria in the future.

To trade the tokens included in this list, users must pass quizzes every 90 days on Binance Spot and/or Margin. These quizzes are intended to ensure that users are aware of the risks associated with the digital assets that have been tagged for monitoring. Binance considers multiple factors when deciding to include tokens in the Monitoring Tag list, including the teams’ commitment to the projects, the level and quality of development activity, network stability, public communication and transparency, and evidence of unethical or fraudulent conduct or activity.

Following the announcement, the three digital assets recorded price volatility. SLF, which had a market cap above $11 million ahead of the announcement, dropped to over $10 million, seeing a decline of more than 10% in the past 24 hours. BAKE’s price spiked by over 11% following Binance’s notes, but then it dropped by around 6%. BAKE is now trading above $0.09 with a market cap of over $26 million, down by almost 8% in 24 hours. IDEX also recorded price volatility and is trading above $0.01 with a market cap of almost $16 million, down by almost 9% in the past 24 hours.

This move by Binance underscores the exchange's commitment to maintaining high standards for the digital assets listed on its platform. By closely monitoring these tokens, Binance aims to protect its users from potential risks associated with higher volatility and ensure that only projects meeting its stringent criteria remain listed. The inclusion of BAKE, IDEX, and SLF in the Monitoring Tag list serves as a reminder to investors of the importance of conducting thorough due diligence before investing in digital assets.