Monero’s price fell by as much as 17% on Tuesday after Binance announced it would delist the privacy token from its platform.
Binance has delisted four tokens, including Aragon (ANT), Multichain (MULTI), Via (VAI), and Monero (XMR). The exchange said the decision was the result of its regular evaluation of standards and industry changes.
#Binance will delist the following tokens on February 20, 2024.
Click here for details ⬇️ https://t.co/3YRKqYrb7T
— Binance (@binance) February 6, 2024
Monero ranks 36th among cryptocurrencies with a market capitalization of over $2.5 billion. At the time of reporting, it was last trading around $140.67.
It is a type of privacy coin, or token that represents a category of cryptocurrencies designed for user privacy and anonymity. These coins incorporate certain privacy-centric features aimed at enhancing anonymity and minimizing traceability. These features make it difficult to understand sender, recipient, and transaction details.
According to CoinGecko, Monero also employs proprietary encryption to ensure the anonymity of transactions. In an era characterized by increased transparency, the appeal of tokens like Monero is clear.
Monero and its XMR token were created to give users control over the visibility of their online data. In 2012 he was born from Bytecoin, and with an emphasis on anonymity he was released as a fork in July 2014.
Monero delisting spurs debate on privacy coins
Binance's decision to delist Monero sparked criticism of X, with one user saying: That Binance has to remove it only proves this fact. ”
Monero continues to be one of the best privacy coins on the market, or currently off the market. That Binance has to remove it only proves this fact. https://t.co/Wc9CQr1w9U
— Toby Cunningham (@sircryptotips) February 6, 2024
Binance is not the only company delisting privacy coins. OKX made a similar move last year, announcing its intention to remove eight privacy-focused coins, including Monero, ZCash, and Dash, for violating listing standards.
Regulatory compliance and user input are typical drivers for such takedowns, as privacy coins face greater pressure to comply with global standards.
Privacy coins have sparked inquiries regarding their potential involvement in criminal activities and their legal status in various countries.
