Binance, the top cryptocurrency exchange, has announced plans to remove four altcoins from its trading platform, including Monero (XMR), in order to safeguard its users. This decision has led to a significant decline in Monero’s value, with the coin plummeting by 35% since the announcement.
As a result, Monero’s market capitalization has decreased by over $1 billion. Binance has provided a three-week notice period before the delisting takes effect.
Binance Announces Delisting of Monero (XMR) and Three Other Altcoins
In a surprising announcement on Tuesday morning, Binance declared the complete delisting of Monero (XMR), Aragon (ANT), Vai (VAI), and Multichain (MULTI) from its services.
The decision, outlined by the crypto giant, was influenced by various factors including trading volume, liquidity, and network stability. Additionally, Binance cited “evidence of unethical/fraudulent conduct or negligence” as contributing reasons.
According to the statement, the full removal of all XMR trading activities will take place on February 20, 2024.
#Binance will delist the following tokens on February 20, 2024.
Full details here ⬇️https://t.co/3YRKqYrb7T
— Binance (@binance) February 6, 2024
Privacy Concerns Surrounding Monero (XMR)
The mainstream media has frequently associated privacy-focused blockchains with illicit activities, and legal bodies’ efforts to prevent money laundering have often fallen short. Monero, known as a coin “private by design,” has faced heightened scrutiny due to its anonymity features.
The Financial Crime Academy’s (FCA) recent research has labeled it a preferred cryptocurrency for cybercriminals, intensifying legal attention on private crypto coins with obscured transaction histories.
Binance Delisting Sends Monero (XMR) Tumbling
Binance’s decision to delist Monero (XMR) sparked turbulence in the crypto markets on Tuesday morning. XMR experienced a sharp decline of 16.9% at 9 AM GMT, followed by an additional 5% drop later in the afternoon.
The private blockchain, in existence since 2014, saw its longest red candle in a year, plunging below $120 at the time of publication. This drastic downturn resulted in Monero losing a staggering $1 billion in global market capitalization in less than 24 hours.
Currently valued at $2,019,267,810, XMR appears to be on track to enter a double-digit price range for the first time since September 2020. Despite these losses, Monero remains available for trading on 126 centralized and decentralized cryptocurrency platforms worldwide.
Backlash and Support for Monero’s Privacy Features
The delisting move has sparked significant backlash from crypto enthusiasts who advocate for the intrinsic value of untraceable blockchains, which provide uncompromising anonymity to traders.
Douglas Touman, a proponent of free speech and former Congress candidate, expressed his belief in Monero’s resilience, stating that it is “unstoppable” and “born to thrive outside of the State-controlled fiat system.”
Well at least losing all my #monero in that boating accident doesn’t feel so bad anymore 😝 … remember folks they can’t kill it, they can only try to make you believe they can.
Today, flip this chart on its head and rename the Y-axis “unstoppableness”! Monero is the truest… pic.twitter.com/JAd0iyeRku
— Douglas Tuman (@DouglasTuman) February 6, 2024
Speculations suggest that Binance’s decision to delist Monero may be linked to concerns surrounding its privacy and anonymity features. Notably, last year, Binance faced a $4.3 billion fine from the Department of Justice (DoJ) for violating several anti-money laundering prevention regulations.
Important: 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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