Monero team responds to Binance delisting: We will never compromise on privacy

What’s new? The developers of the anonymous cryptocurrency Monero (XMR) have commented on the upcoming delisting of the asset from the crypto exchange Binance. They assured that the project will never compromise on privacy issues, and users can continue to trade the asset on other platforms, including decentralized (DEX), as well as through cross-chain swaps. The Monero team also urged users to self-store XMR using non-custodial wallets.

Source: Twitter.com

What else is known? Binance did not give a specific reason for the delisting, noting that the decision was made after analyzing the project for compliance with internal standards. XMR and all trading pairs with the asset will be removed from the platform on February 20 at 03:00 UTC, withdrawal is possible until May 20, 03:00 UTC. After the announcement, the XMR exchange rate collapsed by 39% to $102. By the time of writing, it has partially recovered to $130,76.

In turn, Monero developers said that the reason for the delisting was the exchange’s new requirements for deposits. Thus, Binance requires that funds on its platform come from a public transparent address, while the Monero blockchain by default applies a stealth function to all addresses since its launch in April 2014. The stealth address feature generates a one-time address for each transaction, making it difficult to link multiple transfers to the same recipient.

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The project was supported by the US crypto exchange Kraken, stating that privacy is not a crime. Earlier, Kraken co-founder Jesse Powell also spoke in favor of the crypto mixer Tornado Cash. After the service was placed on the US sanctions list in August 2022, he claimed that users have a right to financial privacy.

Earlier, the community of anonymous cryptocurrency Zcash, having considered the delisting from Binance inevitable, proposed to abandon public transactions altogether. Developer Josh Swihart wrote that the project should not “kowtow to the whims of an exchange that is now effectively owned by US financial powers.” The initiative was a response to the exchange’s assignment of a Monitoring Tag to the Zcash cryptocurrency, which warns users that the asset may soon be removed from the platform due to non-compliance with the criteria.