Binance, one of the leading cryptocurrency exchanges, has introduced a monitoring tag for several tokens, including MOVE, the native token of Movement Labs. This decision follows Movement Labs’ recent rebranding to Move Industries and the fallout from a market maker scandal that has significantly impacted the token’s performance.

Monitoring Tag: What It Means

The monitoring tag signals that tokens exhibit heightened volatility and carry greater risks than others listed on Binance. Tokens flagged with this tag undergo continuous surveillance, and their performance is evaluated against Binance’s listing criteria. If they fail to meet the required standards or maintain high trading risks, they may face delisting.

In addition to MOVE, Binance applied the monitoring tag to Stella’s ALPHA, Hifi Finance’s HIFI, LeverFi’s LEVER, PORTAL, and Rei Network’s REI. The exchange also requires users to complete a quiz every 90 days and periodically accept its terms of use to trade these tokens on Binance Spot and Margin platforms.

MOVE’s Decline Continues

The announcement has further impacted MOVE’s price, which has been in decline since Movement Labs‘ rebrand. At press time, MOVE was trading at $0.15, down over 12% in the past 24 hours and nearly 50% in the past month. The token’s slide began earlier this month following allegations against the network’s market maker.

Other tokens flagged with the monitoring tag also experienced declines. REI dropped by 12.5%, ALPHA fell 5%, and PORTAL faced the steepest drop of 17.1%.

HIFI and LEVER Buck the Trend

Amid the turmoil, Hifi Finance’s HIFI and LeverFi’s LEVER managed to record gains. HIFI rose by 4.4%, while LEVER surged by 12.8% in the past 24 hours, defying the downward trend observed in other flagged tokens.

Binance’s Ongoing Vigilance

The monitoring tag serves as a warning to traders, emphasizing the risks associated with certain tokens. Binance’s approach highlights its commitment to ensuring transparency and mitigating risks for its users. However, the move also underscores the fragility of market sentiment, with significant announcements often triggering sharp price movements.

As Binance continues to review flagged tokens, traders are advised to exercise caution and stay informed about developments that could impact their investments.