One of many largest crypto exchanges within the business, Binance, has delisted Monero (XMR), a well-liked privacy-focused coin, inflicting a big drop in worth and buying and selling quantity instantly after the announcement.
Quickly after, Monero assured customers that they’d by no means compromise on privateness. The primary purpose for the elimination is probably going that Monero makes use of stealth addresses, whereas Binance requires deposits from publicly clear addresses.
Monero won’t ever compromise on privateness.
You’ll be able to commerce Monero on different exchanges, on DEXs and with atomic swaps. Save your XMR your self. https://t.co/Uba3GwZMRW
— Monero (XMR) (@monero) February 6, 2024
The announcement was not taken frivolously and sparked rumors and reactions on Crypto Twitter. A number of customers, influencers and even establishments criticized this transfer or assume that Binance is buying and selling underneath US laws. Funnily sufficient, the announcement got here a day after Treasury Secretary Janet Yellen referred to as for cryptocurrency regulation, particularly stablecoins.
The value of XMR fell sharply within the following hours, falling by 32%. On the time of writing, XMR is buying and selling beneath $115, based on information from Coinmarketcap. These lows haven’t been noticed since mid-September 2023.
Excessive stage requirements
The Binance Buyer Help crew joined the dialogue and assisted customers’ feedback and considerations, however as a substitute of answering the questions individually, they offered a single copy/pasted reply for all customers, which didn’t sit properly with them.
Hello. At Binance, we periodically overview each digital asset we provide to make sure it continues to fulfill the excessive requirements we count on. If a coin or token now not meets this normal, or if the business adjustments, we are going to conduct a extra in-depth overview and will take away it from buying and selling.
Hello.
At Binance, we periodically overview each digital asset we provide to make sure it continues to fulfill the excessive requirements we count on. When a coin or token now not meets this normal, or the business adjustments, we are going to conduct a extra in-depth overview and will delist…— Binance Buyer Help (@BinanceHelpDesk) February 6, 2024
Regardless of Changpeng Zhao stepping down in late 2023 and pleading responsible to violating anti-money laundering and sanctions legal guidelines within the US, Binance has been topic to 5 years of oversight, monitoring and strict compliance with US regulators as a part of a settlement settlement.
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