Monero Delisting and Withdrawal Suspension on Binance
On February 20, Binance completed the delisting of Monero (XMR) after suspending withdrawals the day before. Users raised concerns about the motives behind the sudden suspension, with a screenshot shared on Twitter showing the message “Monero (XMR): Withdrawal suspended. Low hot wallet balance.”
Privacy advocate Untraceable questioned Binance’s actions, suggesting that all XMR should have been available for withdrawals to avoid mass selling. According to Binance’s announcement, customers have until May 20, 2024, to withdraw any remaining Monero from the platform.
Monero Price Analysis amid Delisting and Withdrawal Suspension
Following the suspension, a sell-off occurred, causing Monero to reach its all-time low against Bitcoin (BTC) on Kraken, trading as low as 0.002100 BTC. However, Monero has maintained its price range of around $120 against the US Dollar since the delisting announcement on February 6.
The XMR/USD index by TradingView currently shows a price of $119.72. While some privacy enthusiasts view the delisting as a positive move for privacy and price discovery, there is uncertainty regarding Monero’s future due to potential further delistings by other platforms.
To overcome this challenge, Monero must prove its resilience in the short term. The development of decentralized exchanges and other solutions will play a crucial role in shaping Monero’s future amid centralized exchange delistings.
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