Privacy-focused cryptocurrency Monero is gaining attention [XMR]Major cryptocurrency exchanges, including Binance, have chosen to delist after months of deliberations. The decision is in line with a broader trend of regulatory scrutiny and concern over the potential misuse of privacy coins, which are specifically designed to increase anonymity by hiding transaction details such as parties involved and amounts.
Recently, OKX, another important player in the crypto exchange space, declared its intention to delist 20 spot trading pairs over the next year. Notably, this delisting will include the three largest privacy-focused cryptocurrencies: Monero, XMR, and Zcash. [ZEC],dash [DASH]OKX has already stopped depositing these assets and trading will be suspended on January 5th.
The announcement, published last week, did not specify the reason for the delisting other than that it was “based on user feedback” and that “the token does not meet our listing criteria.”
A string of delisting decisions by major cryptocurrency exchanges has dismayed privacy advocates, who perceive the actions as a bowing to regulatory pressure. Nikita Zavoronkov, lead developer at Blockchair, said: Taken Binance expressed its defiant stance by calling the announcement of XMR's delisting “the best Monero advertisement possible.” Binance had claimed that privacy coins like XMR that resist compliance are likely to be delisted within the next month.
The debate between Monero and Zcash intensifies
Blockchains need to be either transparent or completely private, with no in-between. Just as Bitcoin miners censor OFAC addresses, Zcash miners can censor all secured transfers and still get paid. Monero miners do not have this option.
Zavoronkov was clear in his opinion, stressing that blockchain should offer either complete transparency or complete privacy; there is no middle ground. He cited similarities, noting that Bitcoin miners may censor OFAC addresses, while Zcash miners may censor all secured transfers and still receive compensation. . In contrast, Monero miners do not have this option.
In response to a user's comment that Monero's privacy is not completely foolproof, Zhavoronkov defended Monero's default privacy features, although he acknowledged the theoretical aspects. He said that while users can make their transactions public using private view keys, privacy coins are private by default, which distinguishes them from other cryptocurrencies. This nuanced argument highlights the complex interplay between technology, user behavior, and the evolving landscape of privacy-focused cryptocurrencies.
