On February 6, Monero (XMR), a cryptocurrency emphasizing privacy and security, experienced a price decline following Binance’s announcement of its upcoming delisting, along with three other tokens.
Binance announced the delisting and cessation of trading for Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) starting on February 20, 2024, at 03:00 (UTC). This decision follows a recent review where Binance concluded that it could no longer support these tokens.
Binance Delists Tokens
Following a review of digital assets on the exchange, Binance announced the delisting of certain tokens, stating that they no longer met the exchange’s standards. Factors influencing this decision included evidence of unethical or fraudulent conduct, as well as contribution to a healthy and sustainable crypto ecosystem.
Monero Trading Pairs Removed: As part of the delisting, Binance revealed the removal of Monero’s trading pairs, such as XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT, from the platform. All trade orders will be automatically canceled once trading ceases.
Important Dates and Actions for XMR: After February 21, 2024, at 03:00 (UTC), any XMR deposits will not be credited to user accounts, and withdrawals of XMR will be supported until May 20, 2024. Binance also mentioned the possibility of converting XMR tokens into stablecoins on behalf of users after the withdrawal deadline, although this is not guaranteed.
Monero Faces Price Plunge After Delisting
Following the announcement of Monero’s delisting, the cryptocurrency experienced a sharp decline in price. According to CoinGecko data, XMR dropped from $165 to $148 within 30 minutes of the announcement. Subsequently, the token continued to fall, reaching $111.85 at the time of writing, marking a 32.7% decrease in the last 24 hours.
The news of Monero’s delisting prompted concerns within the crypto community. Many users questioned the rationale behind the decision and expressed disappointment in Binance’s choice.
Monero’s team shared on its X account (formerly Twitter) that the delisting was due to Binance’s new requirement. The exchange stated that deposits must originate from a “publicly transparent address,” which Monero does not support.
Why, did they ask you to compromise? Can you please disclose without leaving the community in doubt? Preserve your integrity and do the right thing, speak out.
— š¦ TheVultureTradeš¦ (@TheVultureTrade) February 6, 2024
Crypto Trader John Brown shared his perspective on Monero’s delisting, suggesting that while it’s negative for Monero, it reflects poorly on Binance. He believes the exchange’s strict compliance measures limit its ability to support certain assets.
Monero dropped strongly on the delisting news from Binance.
While bad for Monero, I mainly see this delisting as a sign of the slow demise of Binance. They are now "so compliant" that they cannot choose anymore which assets to support.
— John Brown (@john_j_brown) February 6, 2024
In the past, Binance and its former CEO Changpeng Zhao (CZ) faced regulatory scrutiny, including charges of Anti-Money Laundering, Unlicensed Money Transmitting, and Sanctions Violations in the United States.
Monero (XRM) is trading at $114,9 on the hourly chart. Source: XMRUSDT on TradingView.com
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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