/ Binance delists 4 privacy-focused coins, including Monero (XMR). Explore the reasons behind this move and its impact on the crypto mark.
Author: Nilesh Hembade.
Date: 06 Feb 2024, 16:03 PM IST
Crypto exchange giant Binance recently sent shockwaves through the crypto community by announcing the delisting of four privacy-focused coins, including the well-known Monero (XMR). This move left many wondering: what was the reason behind this decision, and what does it mean for the future of these coins?
#Binance will delist the following tokens on February 20, 2024.
— Binance (@binance) February 6, 2024
🔸 $ANT
🔸 $MULTI
🔸 $VAI
🔸 $XMR
Full details here ⬇️https://t.co/3YRKqYrb7T
Binance claims that delistings are part of their regular review process, ensuring listed digital assets meet their standards. They prioritize maintaining a high-quality and secure platform for their users. This review process considers various factors, including:
- Project team commitment and development activity: Are the teams actively working on the project and providing updates?
- Trading volume and liquidity: Are there enough people buying and selling the coins to ensure smooth transactions?
- Network stability: Can the network withstand potential attacks?
- Public communication: Does the project team openly communicate with the community?
- Responsiveness to due diligence requests: Does the project cooperate with regulators and other authorities?
- Contribution to the crypto ecosystem: Does the project offer something unique and valuable to the crypto space?
Based on these criteria, Binance decided to delist four coins: Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR), effective February 20, 2024. The delisting affects specific trading pairs involving these coins.
While Binance hasn’t explicitly pointed fingers, privacy concerns and regulatory scrutiny surrounding privacy coins like Monero are likely key factors. Regulators often view anonymity features with suspicion, fearing they could enable illegal activities. This uncertainty casts a shadow over the future of privacy coins and their viability on major exchanges.
The delisting sparked a 15.40% drop in Monero’s price, highlighting the impact such decisions can have on individual coins.