Monero (XMR) has experienced intense volatility, losing 34% of its value as a major exchange Binance announced its decision to suspend all XMR trading pairs.
exchange was told They revealed this move in a recent statement on their official blog. According to the notice, Binance will delist XMR, a privacy-based token valued at $2.3 billion, along with three other notable tokens.
The other three tokens include Multichain (MULTI), Aragon (ANT), and Vai (VAI). After February 20th, these four will no longer be tradable on Binance's Spot platform.
Reasons behind Monero delisting by Binance
In particular, Binance's notice emphasized that a regular review process applies to all digital assets listed on the platform. Perform a comprehensive re-evaluation to find tokens that fall below expected standards.
Binance has clarified that the process of considering a potential delisting will include an evaluation of various factors regarding the digital asset.
Specifically, these considerations include the team's dedication to the project, the level and scale of development activity, trading volume, and liquidity.
Additionally, stability and security against potential attacks, reliability of smart contracts, and scope of public communication are also considered.
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Additionally, the team's responsiveness to regular due diligence requests, evidence of unethical conduct, and negligence are essential elements of the evaluation process.
Essentially, Monero's XMR and the other three companies do not meet the standards expected by Binance. As a result, all BNB, Bitcoin, Ethereum, and Tether (USDT) XMR trading pairs will be removed from Binance.
Binance stated that this action is in the best interest of all users on the platform. Additionally, the exchange stated that any attempts to deposit the tokens after February 21 will not be accepted.
In parallel, token withdrawals from Binance will no longer be possible after May 20, 2024. Essentially, Binance said that starting May 21st, it may automatically convert delisted tokens that have not been withdrawn into stablecoins.
Monero XMR Tanks 34%
Following this update from the prominent exchange, XMR plunged 34% from a high of $166.51 to a low of $123.90. According to data from CoinMarketCap, the asset experienced a more pronounced decline in the past few hours after the news surfaced.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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