- Binance, the world's largest cryptocurrency exchange, has delisted Monero.
- X crypto traders are furious over withdrawal availability.
- Untraceable blockchain faces a survival dilemma amid legal scrutiny.
Binance's bold move to remove four cryptocurrencies, first announced on January 6, 2024, sent ripples through the cryptocurrency world. About two weeks after the surprising cleanup move by Binance, veteran privacy coin Monero (XMR) has been completely removed from the platform's trading services.
When the plan was made public, the popular privacy coin fell 33% within hours, but the developments did not impact Monero's price in the way most crypto traders expected, as the purge process was completed today.
XMR rose 11.1% last trading day, bouncing from a weekly low of $111 to $123, but has since undergone a minor market correction and is trading at $118.18 at the time of writing.
Outraged XMR holders suspect manipulation
Several members of the Monero community had filed complaints with X about the suspension of XMR withdrawals before the deadline. Untraceable Binance “Operate until the very end” Due to a hot wallet replenishment notification, he was unable to withdraw his Monero funds to his on-chain wallet.
Binance's official announcement regarding the delisting of Monero states that the deadline for withdrawing XMR from Binance accounts is 3:00 AM UTC on May 20, 2024, and that they reserve the right to temporarily halt withdrawals if funds in XMR hot wallets do not meet withdrawal demand.
However, the XMR removal timeline confirms that February 21, 2024, 03:00 (UTC) is the last day to deposit Monero into your Binance account. Although the XMR withdrawal suspension has infuriated several XMR traders, the veteran cryptocurrency still remains a top 50 contender despite a 24.7% drop in value over the past 30 days.
Back side
- Monero’s price rise was driven by a surge in liquidity, which fell to an all-time low of $1.8 million when Binance first announced it would be delisting XMR.
Why is this important?
The move to delist Monero and other privacy tokens is likely an attempt to comply with tightening regulations as legal financial institutions frown upon privacy tokens.
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