Binance to Delist Monero (XMR) and Other Assets
Binance, the largest crypto exchange in the world, announced on Tuesday that it will delist privacy coin Monero (XMR) and several other assets on February 20. This news caused the price of XMR to drop by 17%, currently trading at $138.00 according to CoinGecko data. With a market capitalization of $2.6 billion, Monero is the largest asset among those being delisted.
Other Coins Being Delisted
In addition to Monero, Binance will also delist Aragon (ANT), Multichain (MULTI), and Vai (VAI). Aragon is a platform for code-free DAO creation and management, while Vai is the native token of the Venus Protocol, a decentralized stablecoin issuer. Multichain made headlines last year when funds worth $126 million disappeared, leading to suspicions of an inside job.
Reasons for Delisting
Binance provided several reasons for delisting these tokens, including trading volume and liquidity, stability and safety, public communication, and evidence of unethical or fraudulent conduct. The exchange stated that when a coin or token no longer meets their standards or when industry changes occur, they conduct a more in-depth review and potentially delist it to protect their users.
Withdrawals Supported Until May 20
Binance emphasized that any deposits made after the delisting date will not be credited to user accounts. However, withdrawals of the delisted tokens will be supported until May 20.
Hot Take: Binance’s Decision to Delist Monero Raises Questions
Binance’s decision to delist Monero raises questions about the future of privacy coins. While the exchange cited various reasons for the delisting, including concerns about trading volume and fraudulent conduct, it is important to consider the potential impact on privacy-focused cryptocurrency projects. The move highlights the ongoing tension between regulatory compliance and user privacy in the crypto industry.
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