Binance Removes SHIB, FXS, TWT And 1INCH From Innovation Zone

Binance, one of the world’s largest cryptocurrency exchanges, has announced its decision to move four tokens out of its Innovation Zone effective from April 18, 2023. In a statement released on its official website, Binance stated that it had reviewed the tokens’ performance and concluded that they meet the exchange’s high standard.

Project Review, Innovation Zone

The four tokens that will be moved out of the Innovation Zone are Shiba Inu (SHIB), Frax Share (FXS), Trust Wallet Token (TWT), and 1inch (1INCH). The Innovation Zone was created to provide Binance users with a secure platform to trade new and innovative projects. However, as time passes, some projects prove their worth and meet the high standard Binance expects of them. These are then moved out of the Innovation Zone.

Binance conducts periodic reviews of the projects in the Innovation Zone and considers several factors in deciding whether to move them out or not. These factors include the commitment of the team to the project, the level and quality of development activity, trading volume and liquidity, stability and safety of the network from attacks, network/smart contract stability, level of public communication, responsiveness to periodic due diligence requests, evidence of unethical/fraudulent conduct or negligence, and contribution to a healthy and sustainable crypto ecosystem.

 

Committment to Transparency and Growth

Binance’s decision to move these tokens out of the Innovation Zone will not affect other services related to the tokens. The exchange thanked its users for their support as it continues to build the crypto ecosystem in a way that promotes transparency and long-term sustainable growth.

Shiba Inu, a meme-based cryptocurrency, has seen its value surge in recent months. It was inspired by the success of Dogecoin, another meme-based cryptocurrency that has been around since 2013. Frax Share, on the other hand, is a stablecoin that is pegged to the US dollar. It has gained popularity among investors looking for a more stable investment option in the volatile cryptocurrency market.