Binance, the largest cryptocurrency exchange, has recently announced that it will start monitoring ten new projects, including privacy blockchains like Monero, Firo, Mobilecoin, and Zcash. Binance reported that these projects might be delisted in the future, failing to meet the criteria required by the exchange to keep being traded on its platform.
Binance Might Delist Several Privacy Coins, Including Monero and Zcash
Binance might be moving to delist privacy coins in the future. In a recent announcement, the exchange reported that it will assign the monitoring tag to ten different cryptocurrency projects, of which several are privacy-focused.
Firo, Mobilecoin, Monero, and Zcash are now part of the assets that Binance states present “notably higher volatility and risks compared to other listed tokens” and will be monitored closely, being reviewed frequently by Binance’s employees.
Binance declared:
Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform.
In addition, Binance reported that to gain trading access to these assets, users will need to pass a quiz to ensure that they comprehend the risks that using these currencies can bring every 90 days.
Binance’s moves regarding privacy projects were criticized previously by Ricardo Spagni, the former lead maintainer of Monero, who called on the exchange to take a stance in favor of these projects. Spagni stated that failing to do so would constitute a “disservice” to the crypto industry.
Binance had backpedaled on delisting this kind of cryptocurrency before for some European markets, explaining that they had revised the classification of privacy coins to avoid taking this decision back in June. However, analysts believe Binance’s measures can be attributed to the increased regulatory pressure resulting from the $4.3 billion settlement the exchange reached with the U.S. Department of Justice (DOJ) and other U.S. government agencies last year.
Okx, another cryptocurrency trading platform, announced it would delist privacy coins after January 5, including Monero, Zcash, and Dash.
What do you think about Binance monitoring privacy coins? Tell us in the comments section below.
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