Monero Price Drops 17% After Binance Delisting
The price of Monero (XMR) fell by as much as 17% following the announcement that Binance, one of the largest cryptocurrency exchanges, would be delisting the privacy coin. Binance also removed three other tokens – Aragon (ANT), Multichain (MULTI), and Via (VAI) – as part of a routine assessment of standards and industry changes.
What Are Privacy Coins?
Privacy coins like Monero are designed to prioritize user privacy and anonymity. They incorporate features that enhance anonymity and make it difficult to trace transactions. Monero uses unique cryptography to ensure the anonymity of its transactions.
The Appeal of Monero
In an age of increasing transparency, the appeal of a token like Monero is clear. It allows users to have control over their online data visibility. Originally created as a fork of Bytecoin in 2014, Monero has gained popularity for its focus on privacy.
Debate on Privacy Coins
Binance’s decision to delist Monero sparked debate among crypto enthusiasts. Some argue that Monero remains one of the best privacy coins on the market, and its delisting only proves its value.
Regulatory Compliance and Delisting
Binance is not alone in delisting privacy coins. Other exchanges, such as OKX, have also removed privacy-focused coins due to non-compliance with listing criteria. Privacy coins face scrutiny regarding their potential involvement in criminal activities and their legal status in different jurisdictions.
Hot Take: Impact of Delisting on Monero Price
The delisting of Monero from Binance had a significant impact on its price, causing it to drop by 17%. This highlights the influence that major exchanges have on the cryptocurrency market. The debate surrounding privacy coins and their compliance with regulations is likely to continue as regulators strive to strike a balance between privacy and transparency.
By
By
By
By