XMR rate fell by 15% after the announcement of delisting from Binance

What’s new? Crypto exchange Binance announced the delisting of the anonymous cryptocurrency Monero (XMR). The asset and trading pairs with bitcoin, Ethereum, BNB, and USDT stablecoin will be removed from the platform on February 20 at 03:00 UTC. Coin withdrawals will be maintained until May 20, 03:00 UTC. Amid this news, the XMR exchange rate collapsed by 15,4% to $140,68.

The exchange’s announcement

What else is known? Binance said that it periodically analyzes the offered assets for compliance with internal standards to protect users. The exchange considers many factors, including the team’s commitment to the project, quality of development, trading volume and liquidity, stability and security of the network and smart contract, quality of public communication, contribution to a healthy and sustainable crypto ecosystem, speed of response to due diligence requests, and evidence of unethical behavior or fraud by the team.

As a rule, the exchange does not specify what exactly caused the delisting of a particular token. In the case of XMR, the reason was also not announced. In June and September last year, Binance delisted all anonymous cryptocurrencies, including Monero, for users from France, Italy, Spain, Poland, and Belgium, explaining that the reason was the requirements of local legislation.

In January this year, Binance added a Monitoring Tag to the anonymous coins Monero and Zcash. This tag suggests that the assets may soon be removed from the platform due to not meeting the criteria.

The Zcash community, seeing the imminent listing as inevitable, suggested removing the ability to conduct public transactions altogether. Josh Swihart, head of Zcash developer Electric Coin, said that the community should not “kowtow to the whims of an exchange that is now effectively owned by US financial powers.”

In late December, the possibility of depositing XMR and other anonymous cryptocurrencies was also disabled by the OKX crypto exchange. Withdrawal of funds is possible until March 5. The reason for delisting the company called non-compliance with strict “listing criteria.”

Finnish authorities tracked transactions in the blockchain of the anonymous cryptocurrency Monero

The work was done as part of an investigation into the hacking of the Vastaamo medical platform

Читать дальше

This time, along with XMR, Aragon (ANT), Multichain (MULTI), and Vai (VAI) coins, as well as ANT/BTC, ANT/USDT, MULTI/USDT, and USDT/VAI trading pairs are being removed from Binance’s global platform.