Privacy coin Monero (XMR) has surged again after plummeting following news that cryptocurrency exchange Binance would delist the controversial coin.
According to CoinGecko, the current price of XMR is $130.54, up more than 23% in the past day.
However, the post-Binance losses have not been erased, with the cryptocurrency still down 21% in seven days. To put it in perspective, XMR has taken a big hit over the past month, losing nearly 15% of its value in 30 days.
Binance, the world's largest cryptocurrency exchange, announced on Tuesday that it would delist coins that allow users to trade anonymously.
Binance said the asset no longer meets the “high standards we expect,” adding that it delists tokens if they experience low trading volume or liquidity, or if there is evidence of unethical or fraudulent behavior.
The exchange did not provide a specific reason for delisting XMR.
In January, Binance said it was monitoring XMR and other privacy coins to determine whether to allow users to continue trading them.
XMR is the largest privacy coin with a market cap of $2.3 billion, making it the 42nd largest cryptocurrency.
XMR and other privacy coins use various encryption techniques to hide transaction details, allowing them to be sent and received anonymously.
This distinguishes it from major digital assets such as Bitcoin (BTC) and Ethereum (ETH), whose every movement is recorded on a public blockchain.
As a result, law enforcement agencies are scrutinizing privacy coins and looking for ways to track them.
In 2020, the Internal Revenue Service (IRS) announced a $625,000 reward for anyone who breached Monero’s privacy practices.
Editor Ryan Ozawa.
Daily Report Newsletter
Enjoy our top news, original features, podcasts, videos and more every day.
