Monero was officially delisted from top trading platform Binance on Tuesday, February 20th.
The decision, first announced on February 10, marks the end of XMR's use on the world's leading trading platforms.
The delisting comes at a turbulent time for Binance, which is focused on gaining support from regulators around the world. The exchange's former CEO, Changpeng Chao, is under investigation by the United States and subject to travel restrictions, despite residing in the UAE.
This coin has been on Binance's kill list for some time. Back in 2023, the exchange announced that it would delist XMR and other privacy coins in the European Union to comply with regulatory requirements. However, the exchange reversed its decision a month later.
Monero, a cryptocurrency praised for its privacy-focused features that make transactions untraceable, has found itself increasingly under regulatory scrutiny. These authorities claim that the coin's anonymity provisions make it a means of funding illegal activities.
The largest exchanges that still support XMR are Kraken international, KuCoin, and Bitfinex.
Binance declined to provide further details regarding the removal of Monero.
“At Binance, we regularly review each digital asset we list to ensure that it continues to meet our high standards and industry requirements,” the exchange said in its delisting announcement. If industry conditions change, more detailed investigation may be conducted and delisting may occur. ”
Events like this are nothing new in the Monero community. Other exchanges have already delisted the coin, citing legal reasons. Kraken took a similar step in 2021, delisting the coin from the UK. Huobi delisted XMR in 2022, and in late 2023 OKX announced its decision to remove the coin from supported trading pairs on January 4, 2024.
As part of the delisting process, all Monero trading orders will be automatically canceled after trading ceases. Binance has hinted at the possibility of converting delisted tokens into stablecoins for users after May 21, 2024, but this is unconfirmed. In preparation for the delisting, Binance yesterday removed XMR from its “earn” program and stopped lending the cryptocurrency the day before.
However, even delisting is not an easy task for Monero holders. Users are reporting problems withdrawing coins from Binance even though the deadline has not yet been reached. “What possible reason would Binance have to store XMR in a cold wallet at this point? Hours left until delisting? Nothing,” one user claimed on X. You scumbags. ”
as Decryption According to reports, Monero experienced a dramatic 36% drop on the day of the announcement, and then continued to trade sideways for some time. Yesterday, the price of XMR fell from $121.8 to $113.1 as traders sold coins in anticipation of delisting. However, day traders may be buying on the bullshit as the coin rebounded 6.4% today and rose to its current $120.45, nearly erasing yesterday’s losses.
Image: Tradingview
The indicators are clearly pointing to a bearish outlook, especially in the wake of the February 6 crash. The coin is challenging the resistance set by the average price over the past 10 days, but this resistance has proven insurmountable over the past week. Additionally, this coin is significantly oversold, meaning there is some uncertainty in the market and traders are selling more than buyers are willing to buy (with a Relative Strength Index or RSI of 39). That means that 39 out of 100 traders want to buy the coin (), the rest want to sell it), and the bearish trend is still continuing.
Edited by Stacey Elliott.
