As previously announced and reported by Finbold, on February 20th, Binance completed the delisting of Monero (XMR). The day before the delisting was a chaotic one for major privacy coins.
Interestingly, Binance customers reported that the centralized exchange suddenly stopped Monero withdrawals on February 19th, raising concerns about the company's motives.print screen share X (formerly Twitter) showed a valid deposit system for XMR and a suspension warning.
“Monero (XMR): Withdrawals suspended. Hot wallet balance is low”
In this regard, the pseudonym privacy enthusiast and commentator Untraceable He questioned Binance's operations and motives. He pointed out that exchanges need to make all XMR withdrawable according to the delisting schedule to avoid mass sales.
According to the announcement, Binance customers have until May 20, 2024 to withdraw their remaining Monero on the platform.
Monero price analysis during delisting and withdrawal suspension
Meanwhile, the real drop occurred on February 19th, when Monero hit an all-time low against Bitcoin (BTC). XMR traded at a low price of 0.002100 BTC on Kraken, another centralized exchange and Binance alternative.
Monero, on the other hand, maintains its price range at $120 against the US dollar. Notably, XMR has maintained a range since its delisting announcement on February 6th. After a massive drop, the stock traded at a low of $101 and a high of $134.84 the next day.
XMR/USD index TradingView At the time of writing, the price is $119.72.
At the time of writing, Binance has already delisted and disabled Monero trading and deposits on its platform. Some privacy enthusiasts celebrated the event, arguing that it would promote privacy and true price discovery going forward.
However, losing the most liquid market is a challenge that XMR must overcome in the short term to prove its resilience. Additionally, other trading platforms and fiat ramps may decide to follow Binance's lead and remove Monero.
Therefore, there is currently a lot of uncertainty regarding the future of this leading privacy coin and investors must be cautious. As the delisting of centralized exchanges continues, further developments and solutions like decentralized exchanges will play a key role in Monero's future.
Disclaimer: Content on this site should not be considered investment advice. Investments are speculative. When you invest, your capital is at risk.
