Binance Plans to Remove Monero Following Addition of ‘Monitoring Tag’; XMR Price Plunges 15%

By Theon Barrett Feb 6, 202443Views

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Binance Delists Monero (XMR) and Other Coins

“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect,” the crypto exchange wrote in an official announcement. “When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”

The price of Monero’s native coin, XMR, has fallen by more than 15% on the news of the delisting.

Delisting Comes as No Surprise

The exact Monero trading pairs being removed are against bitcoin, ether, and tether. In early January, Binance placed “monitoring tags” on Monero and other coins. Rival exchange OKX also delisted Monero, Zcash, and Dash in January.

Exchanges face regulatory pressure to delist privacy coins, leading some coins to remove their privacy features to comply.

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Theon Barrett

Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon's work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.