- After review, Binance removed the four altcoins from trading to protect its users.
- Monero It has fallen 35% since the announcement, losing more than $1.B in Market capitalization.
- Binance was fined $4.3 billion for violating anti-money laundering laws.
Major cryptocurrency exchange Binance has issued a three-week notice to permanently remove four alternative cryptocurrencies from its platform. In a shocking announcement on Tuesday morning, Binance declared that Monero (XMR), Aragon (ANT), Vai (VAI), and MultiChain (MULTI) would be removed from its services.
The message from the crypto giant outlined various factors that contributed to the decision. Key factors include trading volume, liquidity, and network stability, while Binance also outlined “evidence of unethical/fraudulent behavior or negligence.” According to the statement, the complete deletion of all XMR transactions is scheduled to take place on February 20, 2024.
Mass media has denounced illegal activities involving privacy-focused blockchains, while legal institutions have often failed to combat money laundering. “Private by design”The latest research from the Financial Crimes Academy (FCA) has labelled the veteran altcoin as the go-to cryptocurrency for cybercriminals, bringing increased legal scrutiny around private cryptocurrency coins with obfuscated transaction histories.
Extreme BFlooding decreased by 33% in one day, intensifying
Binance's cleanup efforts sent shockwaves through the cryptocurrency market on Tuesday morning, as XMR plunged 16.9% at 9 a.m. GMT and was expected to drop another 5% by the afternoon. The private blockchain, which has been around since 2014, had recorded its longest red candlestick in a year at press time, dropping below $120.
Measured by market cap, Monero lost a staggering $1 billion in global market cap in less than 24 hours. Currently, XMR is at $2,019,267,810 and could be heading towards double-digit price range for the first time since September 2020. That said, Monero is tradable on 126 centralized and decentralized cryptocurrency platforms around the world.
Back side
- of Move This sparked a huge backlash from cryptocurrency enthusiasts who believe in the intrinsic value of cryptocurrencies that cannot be decrypted. BlockchainIt provides uncompromising anonymity to cryptocurrency traders.
- For example, free speech advocate and former congressional candidate Douglas Tuman It pointed out He claimed that Monero was “unstoppable” and “born to thrive outside of state-controlled fiat currency systems.”
Why is this important?
Crypto industry leaders are taking positions amid ongoing legal scrutiny. Last year, Binance was hit with a $4.3 billion fine by the Department of Justice (DoJ) for violating multiple anti-money laundering rules.
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