Binance's Latest Announcement Is Great News For Shiba Inu Holders

Binance, the world's largest centralized cryptocurrency exchange (CEX) platform by trading volume, announced this week a major news that impacts holders of the popular dog-themed altcoin Shiba Inu.

The exchange said Monday that it is removing Shiba Inu (SHIB), along with other crypto assets such as 1INCH, Trust Wallet Token (TWT), and Frax Share (FXS) from the Innovation Zone, noting that the decision was based on "recent reviews."

Binance said that its review is based on several major factors, which include "Commitment of team to project," "Level and quality of development activity," "Trading volume and liquidity," "Stability and safety of network from attacks," "Network / smart contract stability," "Level of public communication," "Responsiveness to our periodic due diligence requests," "Evidence of unethical/fraudulent conduct or negligence" and "Contribution to a healthy and sustainable crypto ecosystem."

The Innovation Zone is designed to house new and innovative projects so holders can trade crypto assets in a safe place.

It allows Binance to provide a balanced commitment to its customers by spreading the freedom of owning crypto and making sure that holders are safe by limiting activities involving crypto assets in the zone and warning users of potential risks involved in investing in new cryptocurrencies.

Interestingly, the exchange removes these crypto assets from the Innovation Zone if they meet the exchange's requirements and high level of standard.

Based on the latest announcement, users will have full access to Shiba Inu and other tokens removed from the Innovation Zone starting Tuesday.

Over the past months, Shiba Inu launched several projects that helped the altcoin gain more popularity and followings all over the world.

After launching its first-ever collectible card game for mobile devices, "Shiba Eternity" last year, the Shiba Inu development team, through the leadership of its pseudonymous lead developer Shytoshi Kusama, rolled out the Shibarium beta "Puppynet" in March.

With the commitment and dedication of the team and the Shib Army, the fierce and loyal members of the Shiba Inu community, the crypto industry saw the altcoin amass massive trading volume, increased development activity and more aggressive community involvement.

Moreover, the space witnessed a continuously rising number of wallets holding Shiba Inu along with the number of projects collaborating with the ecosystem's upcoming layer-2 scalability solution Shibarium.

SHIB, the native token of the Shiba Inu ecosystem saw a 0.39% loss over the past 24 hours. The altcoin was trading in the red zone at $0.00001158 with a 24-hour volume of $331,377,792 as of 4:56 a.m. ET on Monday, according to the latest data from CoinMarketCap.