Binance Launches FDUSD, Following the Introduction of New ‘Tags’

  • Binance declared the launch of Seed Tags and Monitoring Tags designed for highly volatile and risky tokens.
  • The exchange also announced the inclusion of a new stablecoin First Digital USD (FDUSD) on the platform.
  • In addition, the crypto platform introduced a zero-maker fee promotion for FDUSD trading pairs.

Binance, the prominent cryptocurrency exchange, recently introduced Seed Tags and Monitoring Tags, targeting highly volatile and risky tokens. In a subsequent announcement, the exchange also proclaimed the inclusion of the new stablecoin First Digital USD (FDUSD) on the platform, inviting customers to deposit the asset.

In the early hours of June 26, Binance released an official statement declaring the launch of Seed Tags and Monitoring Tags to ease differentiating between tokens listed in the Innovation Zone and Main Trading Zone. While the Seed Tag would replace the Innovation Zone, the Monitoring Tag would be applied to certain highly volatile tokens including Akropolis (AKRO), AirDAO (AMB), Cream Finance (CREAM), FTX Token (FTT), and Ark (ARK).

As per the announcement, customers could access the tokens marked with Seed Tag or Monitoring Tag only after succeeding in the corresponding puzzles every 90 days on the Binance Spot and/or Binance Margin platforms. The puzzle would be a set of questions framed with the intention of ensuring the users’ cognizance of the risks connected to the tokens. In addition, the users are also required to accept the Terms of Use, prior to securing access to the tokens.

Meanwhile, Binance announced the enlistment of the USD-backed stablecoin FDUSD, presenting new trading pairs like BNB/FDUSD, FDUSD/USDT, and FDUSD/BUSD. While the platform opened the new stablecoin deposits at the time of the announcement, the withdrawals would be enabled at 8.00 UTC today. Together with the addition of FDUSD, the platform has also introduced a zero-maker fee promotion for the stablecoin. The team stated:

To celebrate the launch, Binance is introducing a zero-maker fee promotion for FDUSD trading pairs. During the promotion period, all users will be eligible to enjoy zero maker fees on all FDUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.

Previously, Binance completed the much-awaited integration of the Bitcoin Lightning Network, enabling customers to leverage the Layer-2 scaling solution for BTC deposits and withdrawals.  Earlier this year, it was hinted that Binance had been working on the BTC Lightning Network, following the platform’s temporary suspension of BTC withdrawals.

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