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Home»EXCHANGE NEWS»XMR Price Plunges: Binance Abolishes Privacy Coin Monero Amid Regulatory Pressure
EXCHANGE NEWS

XMR Price Plunges: Binance Abolishes Privacy Coin Monero Amid Regulatory Pressure

By Crypto FlexsFebruary 8, 20243 Mins Read
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XMR Price Plunges: Binance Abolishes Privacy Coin Monero Amid Regulatory Pressure
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Binance, the world’s largest cryptocurrency exchange by trading volume, announced on February 6 that it would delist three tokens, including major privacy coins Monero (XMR), Aragon (ANT), Multichain (MULTI), and VAI. .

Delisting is scheduled for February 20, 2024. Binance said the token no longer meets the high listing standards it expects to provide users with a healthy and sustainable cryptocurrency ecosystem.


TLDR

  • Binance announced that it will delist privacy coin Monero (XMR) along with three other coins on February 20, 2024.
  • Delisting due to Monero no longer meeting Binance’s listing standards and contributing to a healthy cryptocurrency ecosystem.
  • The price of Monero plunged about 30% to its lowest level in 20 months following the announcement of Binance’s delisting.
  • Other exchanges, such as OKX, have also delisted or are planning to delist privacy coins such as Monero and Zcash.
  • Delisting could mean additional regulatory pressure and scrutiny for Binance, despite former CEO Zhao pleading guilty in a U.S. court.

The news sent Monero’s price plummeting more than 30% to a 20-month low of $114, sparking massive volatility and erasing billions of dollars in market value.

Monero was already under pressure after OKX, a top 10 cryptocurrency exchange, decided to delist the token along with other privacy coins Zcash and Dash late last year.

Privacy coins like Monero provide users with increased anonymity by obfuscating the flow of transactions on the network. This has made it much more difficult for regulators and law enforcement to trace payments or identify participants.

As cryptocurrencies aim for greater mainstream adoption, privacy coins are facing a growing regulatory backlash across jurisdictions for potentially facilitating illicit financing.

Monero never compromises on privacy.

You can trade Monero through other exchanges, DEXs, and atomic swaps. Please keep your XMR in your own custody. https://t.co/Uba3GwZMRW

— Monero (XMR) (@monero) February 6, 2024

Binance previously delisted Monero and other privacy coins in countries with stricter anti-money laundering laws, including France and Italy, but later reversed this.

The recent delisting signals a global policy shift that could indicate Binance is facing significant pressure from regulators around the world to increase compliance and transparency.

This also comes after Binance founder and former CEO Changpeng “CZ” Zhao pleaded guilty in 2023 to violating U.S. sanctions and anti-money laundering laws. Zhao faces up to 18 months in a U.S. prison when he is sentenced later this month.

Monero fell significantly on the news of Binance’s delisting.

It’s not good for Monero, but I mainly see this as a sign of the slow demise of Binance. Now they are “so compliant” that they can no longer choose which assets to support.

— John Brown (@john_j_brown) February 6, 2024

Binance has also fought bans in several states as scrutiny heats up over the unregulated cryptocurrency industry.

While it’s not good for Monero, some analysts see the delisting as another sign of the end for Binance as it struggles to reconcile its freewheeling roots with increasing regulatory constraints.

With other major exchanges following suit, privacy coins face an uncertain future as they appear to be lagging behind in the cryptocurrency industry.

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