Monero (XMR), the market's largest privacy-focused cryptocurrency, will be delisted by Binance, the world's largest cryptocurrency exchange.
Binance said in the announcement that after the review, XMR will be subject to a new delisting.
XMR, popular since 2014 for those seeking blockchain anonymity, fell quickly after the announcement and is currently trading at $108.80, down about 32% in the past 24 hours.
In addition to Monero, Binance also announced that it will delist decentralized governance network Aragon (ANT), artificial intelligence-focused blockchain Viot (VAI), and enterprise blockchain platform Multichain (MULTI).
According to the cryptocurrency exchange, various factors are taken into account when reviewing supported assets, including:
- “Team commitment to the project”
- Level and quality of development activities
- Trading volume and liquidity
- Network stability and security against attacks
- Network/smart contract stability
- level of public communication
- Responding to periodic due diligence requests
- Evidence of unethical/fraudulent behavior or negligence
- Contributing to a healthy and sustainable crypto ecosystem”
Late last year, Zhao Changpeng pleaded guilty to violating anti-money laundering laws and securities laws and resigned as CEO of the exchange.
Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said Mr. Zhao will spend time in prison and will face both criminal and civil penalties to send a message to the industry.
Since Chao's resignation, Binance's new CEO Richard Teng has emphasized that the exchange will adopt a more corporate and transparent business model going forward.
Mr. Teng said:
“We are starting from a strong position. The fundamentals of the business are very strong. Our capital structure is debt-free, expenses are exemplary, and revenues and profits remain strong…
I think once we have all of these corporate structures in place, we'll be sharing our financials. We all know about auditors. [require them], but regulators require them all as well. That's why, as an organization, we value transparency. ”
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Featured image: Shutterstock/Suwin
