Binance has placed a Monitoring Tag on Flamingo Finance’s FLM token, signaling an evaluation of its continued listing on the custodial exchange. The FLM token has been available on Binance since Sep. 2020, with Binance being the first exchange to support its trading.

Monitoring Tags are assigned to cryptocurrency projects that are relatively more mature than Seed Tag projects, which are typically in the early stages of development. According to Binance, “Tokens with the Monitoring Tag exhibit notably higher volatility and risks compared to other listed tokens.” Assets bearing this classification are at risk of no longer meeting Binance’s listing criteria and may be delisted following review.

Flamingo Finance’s leadership stated that they were not notified in advance of the Monitoring Tag designation. The team said, “This came as a surprise, as we were not informed beforehand. We are actively engaging with the Binance team to gain clarity on their reasoning and to address the situation promptly.”

In response to the announcement, the Flamingo team highlighted its suite of DeFi products that it believes demonstrates its long-term commitment to the Web3 ecosystem. These include:

  • FUSD: An over-collateralized stablecoin.
  • Lend: A lending platform enabling FUSD-backed liquidity.
  • OrderBook+: An on-chain, decentralized order book.
  • FLOCKS: A multi-asset, dividend-bearing token.

“These components collectively position Flamingo Finance as a comprehensive DeFi platform on Neo N3, integrating lending, trading, and staking functionalities for both the short and long term,” the team stated.

Flamingo Finance operates on the Neo N3 blockchain, offering DeFi infrastructure and services as part of its broader effort to advance DeFi on the Neo platform.

The full announcement can be found at the link below:
https://x.com/FlamingoFinance/status/1907915765807772142

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