Monero (XMR), a leading privacy-focused cryptocurrency, has just announced its commitment to protecting privacy and confidentiality. The network's recent vow comes after Binance announced that it would be delisted from the platform going forward.
Launched in April 2014, Monero is an open-source, privacy-oriented cryptocurrency. It is known for its user anonymity through privacy-enhancing technologies such as Ring Signatures, Stealth Addresses, and Ring Confidential Transactions (RingCT).
Monero's blockchain is intentionally constructed to be opaque, and by disguising the addresses used by participants, transaction details such as the identities of senders and recipients and the amounts of all transactions are anonymous. It will be.
As a result, they are unpopular and unwelcome by regulators and law enforcement. Some governments, such as Dubai, have banned the currency. Furthermore, crypto exchanges such as Coinbase and OKX have delisted Monero, expressing concerns about its potential abuse by malicious parties.
Binance to delist Monero
in Official blogBinance announced its decision to suspend all Monero XMR trading pairs on February 20, 2024, along with other tokens such as Aragon (ANT), Multichain (MULTI), and Vai (VAI). News of Monero's delisting had an immediate impact on the price, which plummeted nearly 19% to $136 after the announcement.
Notably, Binance has communicated its reasons for delisting Monero and three other tokens. The exchange said this decision was influenced by several factors, including the token's contribution to a healthy and sustainable crypto ecosystem, evidence of unethical or fraudulent activity, and the company's response to due diligence requests. Stated.
Monero’s response to delisting
Despite the news of delisting and its impact, Monero told X (formerly Twitter) share A vow to never violate privacy. Additionally, it encouraged users to trade with other exchanges and keep their XMR holdings safe. In response to the tweet, one user asked if the network asked him to compromise, to which he replied:
“The delisting is happening because Binance requires deposits from publicly transparent addresses. Monero has used stealth addresses for all addresses since its launch in April 2014. Monero allows selective disclosure through display keys, but not transparent addresses.”.
With this determination, Monero seems to want to continue establishing itself as a prominent privacy coin in the cryptocurrency market, recognized for its focus on user privacy and anonymity. On the other hand, Monero transaction At the time of writing, it was $111.11, representing a decline of 32.53% in the past 24 hours.
