BakeryToken (BAKE), IDEX (IDEX), and Self Chain (SLF) have experienced a drop in value following Binance's announcement that it extended its Monitoring Tag to include these three tokens.
This tag puts tokens at risk of removal from the largest cryptocurrency exchange if they do not meet the platform's criteria.
What does Binance's monitoring tag mean for BAKE, IDEX, and SLF?
Binance made the announcement today (7), following its periodic review of tokens. The decision takes into account various factors, including team commitment, development activity, liquidity, network stability, community engagement, and more.
"Based on recent reviews, Binance will extend the Monitoring Tag to include more tokens on 2025-07-07. The tokens to be added to the Monitoring Tag list are: BakeryToken (BAKE), IDEX (IDEX), and Self Chain (SLF)," the announcement read.
To contextualize, Binance's Monitoring Tag is used to identify tokens that exhibit volatility and risks notably greater than other listed tokens. Inclusion of a token in the Monitoring Tag list does not automatically result in removal. However, it serves as a warning, indicating that the token could be removed from the platform.
"These tokens are closely monitored, with regular reviews conducted. Please note that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being removed from the platform," the exchange added.
Binance requires a questionnaire to trade BAKE, IDEX, and SLF after declines.
Additionally, users wishing to trade these three tokens are now subject to additional requirements. Specifically, they must complete a questionnaire every 90 days on the Binance Spot and/or Binance Margin platforms and accept the platform's Terms of Use before trading BAKE, IDEX, or SLF. This step ensures that users are fully informed about the potential risks involved in trading these tokens.
Meanwhile, market data highlighted that the prices of the three affected tokens suffered. BAKE experienced a drop of 5.58%. IDEX had a decline of 3.45%. Similarly, SLF, which recently migrated to a new contract, fell by 3.29%.
Price Performance of BAKE, IDEX, and SLF. Source: TradingView
In fact, these declines are not entirely surprising. All three tokens had already been experiencing downward trends before the announcement of the Monitoring Tag.
BeInCrypto data showed that BAKE has fallen by 66.4% in value over the last month, indicating a broader bearish sentiment in the market for this token. Similarly, SLF saw a sharp decline of 54.9%. Finally, IDEX dropped 25.1% during the same period.
The three tokens now face a critical challenge. If Binance removes them, it could lead to further price drops. This has already happened with other altcoins that the platform previously removed.
The article 3 altcoins are at risk of being removed by Binance: what users should know? was first seen on BeInCrypto Brazil.
