- Binance is giving its community more control over listings with the new Vote to List and Vote to Delist features, allowing users to decide which tokens stay or go.
- To vote, users need a verified Binance account and must maintain at least 0.01 BNB in their exchange accounts during the Voting Period.
Binance, the world’s largest cryptocurrency exchange, has launched a new feature called “Vote to Delist,” allowing its community to participate in the decision-making process for removing tokens from the platform. This is part of Binance’s broader Community Co-Governance Mechanism, which also includes the “Vote to List” feature, reinforcing transparency and user engagement in token management.
The “Vote to Delist” mechanism enables users to vote on the removal of specific tokens that have been placed in Binance’s Monitoring Zone. This zone serves as a warning, signaling that a token is under scrutiny and at risk of being delisted. However, placement in the Monitoring Zone does not automatically result in removal.
Currently, 27 cryptocurrencies are listed in Binance’s Monitoring Zone, signaling that they are under review and at risk of removal. Among the projects on this list are JasmyCoin (JASMY), Zcash (ZEC), Balancer (BAL), FTX Token (FTT) and Standard Tokenization Protocol (STPT).
How the Voting Process Works
According to Binance’s report, tokens can be placed in the Monitoring Zone for several reasons, such as lack of development updates, where projects fail to provide regular progress reports or show signs of stagnation. Additionally, inactive communities, where user and developer engagement significantly declines, can lead to a token being flagged. Security or compliance concerns also play a role, as assets that pose potential risks to users or fail to meet regulatory requirements may face scrutiny. Binance has previously delisted tokens that did not meet its standards, including Monero (XMR), Internet Computer (ICP), and Filecoin (FIL).
Once a token is placed in the Monitoring Zone, Binance users holding at least 0.01 BNB in their main account are eligible to vote on its removal. However, non-eligible votes and any votes violating the Terms and Conditions will be eliminated at the end of the Voting Period. Notably, each verified user can vote for up to five projects in the Vote to Delist pool, but only one vote can be allocated per project.
Applying its community-driven approach, Binance recently announced the delisting of five cryptocurrencies: Aergo (AERGO), AirSwap (AST), BurgerCities (BURGER), COMBO (COMBO), and Linear Finance (LINA). These tokens were assessed based on key factors such as trading volume, liquidity, and security compliance, ultimately leading to their removal from the platform. The delisting is scheduled to take effect on March 28, with related services being gradually phased out before the official removal date to ensure a smooth transition for users.
Alongside its delisting updates, CNF reported that Binance has introduced USD-margined perpetual contracts for six cryptocurrencies, including Broccoli, with up to 25x leverage on select assets. This initiative aims to broaden trading options and enhance liquidity. The phased rollout began on March 20, with contracts like TUTUSDT and BIDUSDT, followed by BROCCOLI714USDT and BROCCOLIF3BUSDT today, and SIRENUSDT and BANANAS31USDT on March 22.
Credit: Source link
