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Binance posted a message to say that today a list of 18 tokens will be moved to the Innovation Zone. This list consists of FTX (FTT), Voyager (VGX), BitShares (BTS), WazirX (WRX) and others.
One more "intermediate step" toward delisting "no-progress projects"
FTX is the infamous cryptocurrency exchange founded and run by Sam Bankman-Fried that crashed in early November last year. The founder has been charged with defrauding his investors. Voyager is a bankrupt crypto lender; WazirX and BitShares are also famous crypto exchanges. Basically, at least FTT and VGX have recently gained a reputation for being coins of problematic companies.
Head of Binance Changpeng Zhao (known as simply CZ) recently provided an explanation for this move. He tweeted that Binance has been following the requests of the community and, therefore, is giving these "no-progress projects" a final chance to improve by sending them to the Innovation Zone (where promising coins start before being added to the proper Binance trading list).
Prominent meme coins Shiba Inu (SHIB), Floki (FLOKI) and Pepe (PEPE) also started from the Innovation Zone. SHIB was moved further from there in mid-April, and FLOKI and PEPE were added to it just recently, as covered by U.Today.
However, if there is no improvement for them in the near future, the platform may decide to delist these digital currencies, per CZ. He has referred to this move as "one more intermediate step" for these currencies, whose teams are showing no development progress.
As some of you suggested, instead of direct delistings, we will move "no-progress projects" to innovation zone first. IF they still don't improve, we may delist. One more intermediate step. https://t.co/YKfG8Xui7R
— CZ 🔶 Binance (@cz_binance) May 10, 2023
Binance rolls out Capital Connect
Binance VIP & Institutional have kicked off a new platform for VIP users on Binance called Capital Connect. It will ensure a seamless connection between fund managers and investors. To participate in this, VIP customers must fulfill all KYC/KYB ("know your customer"/"know your business") requirements to verify their identity.
Users can apply to work with Capital Connect either as an investor or as an investment manager.