In response to increasing regulatory pressures and efforts to maintain high standards of security and transparency. The cryptocurrency exchange Binance has announced the delisting of four cryptocurrencies, including the well-known privacy coin Monero.
Other Articles
Bitcoin Dips Below $57K Ahead of Fed Meeting: Market Braces for Impact
In a week marked by nervous anticipation, Bitcoin has once again dipped below the critical $60,000 mark as traders and…
Binance delists additional tokens
Popular cryptocurrency exchange Binance is ending trading of cryptocurrencies Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) as of February 20th of this year. The decision by the crypto exchange underscores its commitment to upholding high standards and protecting users, thus complying with increasingly stringent regulatory rules. Factors leading to delisting include team involvement in the project, development activity, trading volume, liquidity, network security and stability, communication with the public, and the ability to respond to regular due diligence requests.
The reasons for including Monero among the delisted cryptocurrencies lie in the challenges associated with transaction transparency in privacy-focused cryptocurrencies. Monero, known for its strong anonymization features, highlights persistent concerns about potential misuse in illegal activities. Regulation and difficulties in tracing these transactions have led to increased scrutiny of these assets. Privacy coins have thus come under the spotlight of regulatory authorities worldwide. Following delisting, deposits for these tokens will be terminated the following day, February 21, 2024, with withdrawals supported until May 20, 2024.
Binance also hinted that delisted tokens could be converted to stablecoins in favor of users after May 21, 2024, although this is not guaranteed and will be subject to separate announcement prior to any conversion.
Another altcoins which could soon be delisted from Binance
Binance has added several altcoins to its Monitoring Tag list. These include Firo (FIRO), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), Monero (XMR), Zcash (ZEC), and Horizen (ZEN). From a financial standpoint, holding these altcoins may be risky.
Conlcusion
The last day of trading Monero on Binance is February 20, 2024. If the price drops significantly low, it might be a good entry point. Monero is widely used as the primary currency on the darknet, so there will be interest in it even without Binance.
