Privacy-focused cryptocurrency Monero is gaining attention [XMR]Major crypto exchanges including Binance opted to delist the cryptocurrency after months of deliberation. The decision falls 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 and amounts.
Recently, OKX, another major player in the cryptocurrency exchange, announced its intention to delist 20 spot trading pairs over the next year. Notably, the delisting includes three privacy-focused cryptocurrencies: Monero, XMR, and Zcash. [ZEC],dash [DASH]OKX has already stopped accepting deposits of these assets, and trading is scheduled to be halted 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 see the actions as a bowing to regulatory pressure. Taken He took a defiant stance, calling Binance’s announcement to delist XMR “the best advertisement for Monero imaginable.” Binance had argued that compliance-resistant privacy coins like XMR would likely be delisted within the next month.
Monero, Zcash debate heats up
A blockchain must be either transparent or completely private, nothing in between. Just as Bitcoin miners can censor OFAC addresses, Zcash miners can censor all secured transfers and still get rewarded. Monero miners do not have this choice.
Zavoronkov took a clear position, emphasizing that blockchain should offer either full transparency or full privacy, with no middle ground. He drew a parallel, noting that Bitcoin miners could censor OFAC addresses, while Zcash miners could censor all secured transfers and still get rewarded. In contrast, Monero miners do not have this option.
In response to users' comments that Monero's privacy is not completely secure, Zavoronkov defended Monero's default privacy features while acknowledging the theoretical aspects. He said that while users can reveal transactions using a private view key, 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.
