Cryptocurrency exchange Binance announced that it will cease listing Monero (XMR) as of February 20th. The news caused the token's value to plummet by more than 19%. This measure, taken for security reasons, does not only affect Monero. In fact, other cryptocurrencies will also be excluded from Binance's catalog.
Cryptocurrency Monero (XRM) will soon be delisted from Binance
Binance to delist Monero, explains privacy-focused cryptocurrencies based on their offerings. But this came as little surprise. Already at the beginning of this year, Binance showed warning signs about Monero and several other cryptocurrencies. Another exchange platform, OKX, had made a similar decision in January.
Binance highlighted several criteria justifying the delisting of cryptocurrencies.This too Trading volume, liquidity, security and quality of public communication. Binance conducts regular reviews to ensure that listed cryptocurrencies continue to meet its high standards.
“If an asset no longer meets these standards, or if the industry evolves, the exchange will conduct a more stringent review,” the platform explains.“
The purpose is clear. It is to ensure the safety and protection of users by removing related assets from the list.
Immediate impact on XRM price
Immediately after this announcement, the results were A significant decrease of 19% In the value of Monero cryptocurrency. This brought the price of XRM down to $130.5. Despite this decrease, the 24-hour trading volume showed a significant increase of over 123.38%.
Although Monero is not the only one to bear the brunt of this policy, it is one of the tokens with the largest market capitalization affected by this measure. In fact, the cryptocurrency ranks 35th with a market capitalization of $2.6 billion.
In addition to Monero, Binance announced: Withdrawal of other cryptocurrencies like Aragon (ANT), Multichain (MULTI), and Vai (VAI). While Aragon is known for its platform that makes it easy to create and manage DAOs, Multichain specializes in interconnecting assets and NFTs across various blockchains.
These deletions are part of the backdrop of increased regulatory pressure on cryptocurrency exchanges in recent years.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
