Binance Delists Monero (XMR) and Other Cryptocurrencies
The famous crypto-exchange, Binance, has announced that it will be delisting four cryptocurrencies, including Monero (XMR), starting from February 20th. The other cryptocurrencies to be delisted are Aragon (ANT), Multichain (MULTI), and Vai (VAI). This news has caused a significant drop in the price of XMR, with a decrease of 19% in just a few hours.
Reasons for Delisting
Binance stated that the reason for delisting Monero and the other cryptocurrencies is that they no longer meet the exchange’s standards. The factors considered by Binance when deciding to delist a crypto-asset include the team’s commitment to the project, development activity, trade volume and liquidity, network security, and stability against attacks.
Impact on Monero’s Price
Following the announcement of the delisting, the price of XMR has experienced a significant drop. At the time of writing, XMR is valued at $132 compared to $165 just a few hours ago. This decline comes as a surprise considering that XMR seemed to be on a bullish trend in recent weeks.
Previous Warnings and Delistings
This is not the first time Binance has mentioned its intention to delist privacy-related cryptocurrencies. In June 2023, Binance had already announced its plan to delist such cryptocurrencies, including Monero. Additionally, in January 2024, Binance placed tracking tags on Monero and other cryptocurrencies as a warning of possible delistings.
Hot Take: Impact of Binance’s Delisting Decision
The decision by Binance to delist Monero and other cryptocurrencies has had a significant impact on the market. The sudden drop in XMR’s price demonstrates the influence that exchanges like Binance have on the crypto market. This move also raises questions about the future of privacy-focused cryptocurrencies and their place in mainstream exchanges. It remains to be seen how this decision will affect the overall perception and adoption of Monero and other privacy coins.
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