Binance plans to delist a well-known privacy coin. Monero XMR
-15.96%
“At Binance, we regularly review each listed digital asset to ensure that it continues to meet the high standards we expect,” the cryptocurrency exchange said in an official announcement. “If a coin or token no longer meets these standards or the industry changes, we will conduct a more in-depth review and potentially delist it. We believe this best protects all users.”
The price of Monero’s native coin, XMR, fell more than 15% on news of the delisting.
With the news that Binance was delisting Monero, the price of Monero fell significantly. Source: The Block
The exact Monero trading pairs being removed are for Bitcoin, Ethereum, and Tether.
The delisting may not come as a surprise. In early January, Binance deployed “monitoring tags” on Monero and other coins and tokens. Rival exchange OKX also delisted Monero in January, along with privacy-focused coins Zcash and Dash.
Exchanges have been under increasing regulatory pressure to delist privacy coins over the past few years, which has led some coins to remove their privacy features and keep them intact.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.