Privacy coin Monero (XMR) has soared again after plunging following news that crypto exchange Binance will delist the controversial coin.
According to CoinGecko, the price of XMR is currently $130.54, up more than 23% in the past day.
However, the post-Binance losses have not disappeared and it is still down 21% in 7 days. Zooming out further, XMR has taken a severe beating over the past month, wiping off nearly 15% of its value in 30 days.
Binance, the world's largest cryptocurrency exchange, announced on Tuesday that it would delist the coin, which users can trade anonymously.
Binance said the asset no longer met “the high standards we expect.” He also added that tokens will be delisted if trading volume or liquidity is low, or if there is evidence of unethical or fraudulent activity.
The exchange did not disclose the specific reason for the delisting of XMR.
Back in January, Binance announced in a Telegram that it was monitoring XMR and other privacy coins to see if it would continue to allow users to trade in them.
XMR is the largest privacy coin with a market capitalization of $2.3 billion. It is the 42nd largest cryptocurrency.
XMR and other privacy coins use various encryption techniques to obscure transaction details and allow them to be sent and received anonymously.
This makes it different from major digital assets like Bitcoin (BTC) and Ethereum (ETH), where every movement is recorded on a public blockchain.
As a result, law enforcement agencies are turning their attention to privacy coins and trying to figure out how to track them.
Back in 2020, the Internal Revenue Service (IRS) announced a $625,000 reward to anyone who could violate Monero's privacy.
Edited by Ryan Ozawa.
