One of many greatest crypto exchanges within the business, Binance, delisted Monero (XMR), a well-liked privacy-focused coin, triggering a considerable value drop and buying and selling quantity proper after the announcement.
Shortly after, Monero reassured customers that they might by no means compromise on privateness. The principle motive for the delisting 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 possibly can commerce Monero on different exchanges, on DEXs, and with atomic swaps. Please self-custody your XMR. https://t.co/Uba3GwZMRW
— Monero (XMR) (@monero) February 6, 2024
The announcement wasn’t taken calmly, sparking rumors and backlash on Crypto Twitter. A number of customers, influencers, and even establishments criticized the transfer or assume Binance is knuckling underneath US laws. Humorous sufficient, the announcement got here a day after Treasury Secretary Janet Yellen known as for cryptocurrency laws, particularly for stablecoins.
XMR’s value sharply declined within the following hours, dropping 32%. At press time, XMR is buying and selling under $115, in accordance with information from Coinmarketcap. These lows haven’t been seen since mid-September 2023.
Excessive-Stage Requirements
The Binance Buyer Help staff jumped into the dialogue and assisted customers’ commentaries and issues, however as a substitute of addressing the questions individually, they supplied a single copy/pasted response for all customers, which didn’t sit nicely for them.
Hello there. At Binance, we periodically assessment every digital asset we listing to make sure that it continues to fulfill the excessive stage of ordinary we anticipate. When a coin or token not meets this normal, or the business modifications, we conduct a extra in-depth assessment and doubtlessly delist it.
Hello there.
At Binance, we periodically assessment every digital asset we listing to make sure that it continues to fulfill the excessive stage of ordinary we anticipate. When a coin or token not meets this normal, or the business modifications, we conduct a extra in-depth assessment and doubtlessly delist…— Binance Buyer Help (@BinanceHelpDesk) February 6, 2024
Regardless of Changpeng Zhao resigning and pleading responsible to violating Anti-Cash Laundering and sanctions legal guidelines within the US in late 2023, Binance is topic to 5 years of surveillance, monitoring, and heavy compliance with US regulators as a part of a settlement settlement.
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