Exchange Warnings and Crypto Prices: Evidence from Monitoring Tags (OpenAlex (recherche mondiale))

Summary

• Binance published 167 monitoring tags across 26 announcements between July 2023 and October 2026, of which 155 were first-time tags.p.4
• Tagged tokens fall by a mean of -3.162% during the announcement minute and lose -9.593% over the first day following the warning.p.9
• Within the announcement minute, tagged tokens experience a rapid drop of -3.104% within the first 10 seconds after the release.p.10
• The price decline extends to other cryptocurrency exchanges in the same minute, with tagged tokens falling -4.396% on Bybit, -3.150% on Coinbase, and -4.413% on KuCoin.p.13
• Being assigned a monitoring tag increases a token's 90-day probability of delisting by 42.24 percentage points compared to matched control tokens.p.16

Key insights

1. Crypto token prices drop within seconds of an exchange monitoring tag announcement and do not reverse over the following month.p.2
2. Exchange users are required to pass a risk quiz every 90 days before trading tagged tokens on spot and margin markets.p.4
3. The initial -3.162% loss in the announcement minute accounts for roughly one-third of the total -9.593% price decline observed over the first day.p.9
4. Pre-announcement price drift is minimal at -0.073% prior to release, confirming that the main drop of -3.340% starts with the publication itself.p.10
5. Price discovery occurs across multiple venues simultaneously, with tag announcements driving immediate minute returns of -3.150% on Coinbase and -4.396% on Bybit.p.13
6. The presence of an exchange warning tag serves as a major signal of eventual token removal, increasing 180-day delisting likelihood by 52.34 percentage points.p.16