Two digital assets, Monero’s XMR and Multichain’s MULTI, plummeted in value after Binance, the largest cryptocurrency exchange by volume, revealed that they would be delisted by February 20th.
Early today, February 6th, Binance announced that XMR and MULTI will be delisted along with other digital assets such as Aragon (ANT) and VAI (VAI) as they no longer meet the listing criteria, and will be delisted from several products on the platform. It was announced that it would be removed.
“[The] dListed tokens may then be converted into stablecoins on behalf of users. 2024-05-21 03:00 (Coordinated Universal Time). The conversion of delisted tokens to stablecoins is as follows: do not have Guaranteed. If applicable, a separate notification will be provided prior to conversion,” Binance added.
Following this news, the value of XMR and MULTI fell by approximately 20% to $136 and $1.55, respectively. crypto slate data. ANT and VAI, on the other hand, had a muted reaction to the crypto exchange's decision as their prices each fell by less than 1%.
Why will Binance delist XMR and MULTI?
Binance’s recent move to delist these digital assets is not all that surprising, given that it had previously warned about the possibility of failing to meet listing criteria due to increased volatility and associated risks. .
However, market observers speculate that the decision to delist Monero may be related to Binance's recent efforts to comply with evolving regulatory standards.
Privacy-focused coins such as Monero have attracted the attention of regulators due to concerns about their potential misuse for illegal activities, forcing major exchanges such as OKX to delist them. In particular, Monero is the largest privacy-oriented blockchain network by market capitalization.
Meanwhile, Multichain, a cross-chain protocol that facilitates bridging assets and NFTs across multiple blockchains, made headlines last year when $126 million worth of funds suddenly disappeared and Chinese authorities detained its CEO. I decorated it.
The protocol's team then ceased operations as they could no longer maintain it after several users complained about delayed transactions and locked funds.
