- Binance delisted Monero (XMR) along with other assets, causing its price to drop by 19%.
- Monero’s delisting reflects regulatory pressure on privacy coins in the crypto market.
- Monero withdrawals from Binance are supported until May 20th.
Monero (XMR), one of the leading privacy-focused cryptocurrencies, has seen its price drop significantly following an announcement by Binance, the world's largest cryptocurrency exchange, that it will be delisted.
Binance revealed its decision to delist Monero, effective February 20, along with several other assets including Aragon (ANT), Multichain (MULTI), and VAI (VAI).
Monero price after Binance delisting
Binance's decision to delist Monero (XMR) was made as part of its ongoing efforts to maintain compliance standards and ensure the safety and integrity of its platform. The exchange cited a variety of reasons for delisting, including consideration of trading volume, liquidity, stability, safety, public communication, and evidence of unethical or fraudulent activity.
At the time of writing, Monero's price was trading at $134.24, down more than 19% on the news.
Monero price chart
This rapid decline highlights how exchange decisions can have an immediate impact on crypto prices and investor sentiment.
Impact of delisting
The delisting of Monero from Binance marks an important development in the cryptocurrency landscape, especially for privacy-focused digital assets. Monero is known for its strong privacy features that hide transaction details, but has often come under regulatory scrutiny due to concerns about its potential use in illegal activities.
Binance’s move to remove Monero from its platform reflects a broader trend of regulatory pressure on privacy coins. By discontinuing support for Monero trading and withdrawals, Binance aims to reduce regulatory risk and strengthen its compliance efforts in line with evolving industry standards.
Monero investors and users will need to adjust their strategies in response to Binance's delisting decision. Monero withdrawals will be supported until May 20th, but users may consider alternative platforms or wallets to trade and store their XMR holdings.
