Monero reacted on its official X account after Binance announced the delisting of multiple altcoins. The company reaffirmed its unwavering commitment to privacy. The exchange's decision also sparked a strong reaction within the crypto community.
Monero maintains our commitment to privacy
On February 6, Binance announced its decision to delist certain virtual currencies from February 20, 2024. This includes Monero (XMR), which is recognized as one of the leading private cryptocurrencies in terms of market capitalization. This crypto is characterized by its focus on transaction privacy and anonymity.Binance justified its choice as follows: security concerns.
However, Monero quickly responded on its X (Twitter) account: the reply Following this decision.
Monero claims the following facts: Privacy and transaction security remains at the forefront of our priorities. The company encourages users to continue their XMR trading on other platforms. DEX and atomic swaps. Monero also encourages users to: Self-manage your cryptocurrencies (self-custody) To enhance security.
The crypto community claims that Binance’s delisting of Monero is not justified by specific security flaws.
Daniel Nita I suggested in X that the Monero incident could be a harbinger of the next trend. Altcoins are mainly traded on DEXor not traded at all.
Monero itself blames the delisting on Binance's requirement that deposits must come from transparent addresses.This condition is exactly Not compatible with stealth addresses used by Monero Since its founding.
Following Binance's delisting announcement, XMR's price fell over 37% to close at $105.4 yesterday. Nevertheless, XMR has shown remarkable resilience. 25%+ rebound In the early hours of today. This situation shows that community support could help Monero recover from this decline.
Maximize your Cointribune experience with our Read to Earn program! Earn points and access exclusive benefits every time you read an article. Sign up now and get rewards.
Passionate about cryptocurrencies, solving three problems. As the years pass, it's incredible university sources that traverse our articles.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
