Monero Delisted from Binance: What You Need to Know
Monero, the popular privacy-centric cryptocurrency, has been officially delisted from Binance, the leading exchange by volume. The decision was announced on February 10 and marks the end of XMR’s availability on the platform.
Regulatory Scrutiny and Delisting
Binance’s delisting of Monero comes at a time when the exchange is focused on gaining favor with regulators worldwide. Monero’s privacy features have drawn scrutiny from authorities who argue that it facilitates illicit activities.
Other Exchanges that Still Support Monero
The largest exchanges that still support Monero include Kraken international, KuCoin, and Bitfinex.
Binance’s Lack of Explanation
Binance has not provided a detailed explanation for the removal of Monero from its platform.
Previous Delistings
This is not the first time that exchanges have delisted Monero due to legal reasons. Kraken delisted the coin in the UK in 2021, Huobi did the same in 2022, and OKX announced its decision to remove Monero from its supported trading pairs in 2023.
Impact on Traders and Market Outlook
Traders have reported issues with withdrawing their Monero coins from Binance. Following the delisting announcement, Monero experienced a significant drop in price but has since recovered slightly. Indicators suggest a bearish outlook for the coin.
Hot Take: The Future of Monero without Binance
The delisting of Monero from Binance raises questions about the future of the privacy-centric cryptocurrency. While it still has support from other exchanges, losing access to Binance could impact its liquidity and trading volume. However, the Monero community remains resilient, and the coin’s privacy features continue to attract users who value anonymity in their transactions.
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