Monero, the leading privacy-focused cryptocurrency, plunged to its lowest price in months as Binance announced the upcoming delisting of the token from its platform.
Binance will delist Monero (XMR) on February 20, 2024, along with other tokens such as Aragon (ANT), Multichain (MULTI), and Vai (VAI), the exchange announced on February 6. did.
As a result of the delisting, Binance has removed all four trading pairs related to Monero, including trades against Bitcoin (BTC), Ether (ETH), Tether (USDT), and Binance's native coin, BNB (BNB). I will do it.
“All trading orders will be automatically deleted upon completion of trading on their respective trading pairs,” the announcement states, noting that withdrawals of these tokens will no longer be supported after May 20, 2024. I am.
Delisted XMR may still be converted to a stablecoin on behalf of users after May 21, but Binance said the conversion is “not guaranteed.” “If applicable, a separate notification will be provided before the conversion and the stablecoin will be credited to the user’s Binance account after the conversion,” the company added.
The decision to delist XMR was based on its “contribution to a healthy and sustainable cryptocurrency ecosystem,” “evidence of unethical or fraudulent conduct or negligence,” and in response to Binance’s regular due diligence requests. , based on various factors.
Monero's price quickly reacted to the delisting news, with the token plummeting. At 9:21 a.m. UTC, XMR plummeted to a low of $136 on Binance, losing nearly 19% of its value in just a few hours, according to TradingView data.
Monero’s price has since recovered slightly, with XMR trading at $140.30 at the time of writing, according to TradingView data. Monero hit its lowest price since mid-September 2023.
Binance is not the only exchange to delist Monero. In late 2023, cryptocurrency exchange OKX also announced that it would delist Monero and another privacy-focused coin, Zcash (ZEC), on January 5, 2024.
Binance previously announced plans to delist all privacy tokens in countries such as France and Italy in May 2023, but ultimately reversed the decision in June 2023.
According to some online commentators, delisting could also be bad news for Binance.
Related: Binance Market Share Recovers After $4.3 Billion US Settlement Agreement
“As bad as it is for Monero, I primarily see this delisting as a sign of a slow end for Binance,” wrote crypto trader John Brown in a post on X.
Monero fell sharply following the news of Binance's delisting.
While bad for Monero, I mainly see this delisting as a sign of Binance's slow demise. They are now “highly compliant” and can no longer choose which assets they support.
— John Brown (@john_j_brown) February 6, 2024
Despite Binance's former CEO Changpeng Chao pleading guilty to violating anti-money laundering and sanctions laws in a US court in late 2023, Binance continues to be under pressure from global regulators. are under pressure. In late January, it was reported that Binance.US was banned from operating in Florida and Alaska.
Zhao, who was unable to obtain permission to travel to his home in the United Arab Emirates, is scheduled to be sentenced in the United States on February 23, 2024, and could face up to 18 months in prison.
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