Monero {{XMR}} fell about 30% on Tuesday, hitting a 20-month low after crypto exchange Binance announced it would stop listing privacy tokens on February 20th.
Monero and the three other tokens to be delisted (Aragon {{ANT}}, Multichain (MULTI), and Vai (VAI)) no longer meet the standards expected by Binance, the exchange said in a blog post. Ta.
“If a coin or token no longer meets these standards, or if the industry changes, we will conduct a more detailed review and may result in delisting,” Binance said in a statement.
Privacy coins are cryptocurrencies that maintain anonymity by hiding the flow of money on the network, making it difficult to determine who sent what to whom. That makes it unpopular with regulators and law enforcement. Cryptocurrency exchange OKX late last year announced the delisting of XMR and other privacy-focused tokens, including Dash {{DASH}} and his ZCash (ZCH).
Following the announcement, Monero fell to $114.26, its lowest level since June 2022, according to TradingView data.
Multichain, one of the largest bridging protocols in the cryptocurrency world at the time, suffered a $130 million exploit in July. A week later, the company announced it would cease operations after CEO Zhao Jun and his sister were detained by Chinese police. The token fell 36% today to $1.36, according to data from CoinMarketCap.
Tokens of Aragon, a blockchain-based platform that allows users to build and manage their own decentralized autonomous organizations, has remained largely unchanged, similar to Vai's tokens.
After May 20th, token withdrawals will no longer be supported.
read more: Binance faces regulatory headwinds as it seeks to re-enter UK market: Bloomberg
Updated (February 6, 12:32 UTC): Add details of other delisted tokens, quotes from announcements, and background/context about privacy tokens.
Updated (February 6, 15:53 UTC): Rewrite the first paragraph to focus on price changes. Added Aragon multichain details.update price
