Former Monero Lead Dev Ricardo ‘Fluffypony’ Spagni Calls on Binance to Stand for Privacy Coins
Ricardo Spagni, the former lead maintainer of Monero, is urging Binance to reconsider its stance on delisting privacy-focused coins. In a recent post, Spagni criticized Binance’s compliance requirements, which could result in the delisting of these cryptocurrencies in January.
Spagni referenced a report from consulting firm Perkinscoie, which argues that privacy coins adequately address anti-money laundering (AML) issues. He called Binance’s compliance requirements unnecessary and a disservice to the industry and personal privacy.
By not taking a stance you do the industry a disservice, and support the barrage of attacks against personal privacy. If Apple can take a stance against CSAM, you can grow a backbone and fight for the right to privacy for everyone.
Reports suggest that one of Binance’s requirements for privacy projects is the creation of “exchange only” addresses without privacy features. However, Spagni emphasized that the Monero community prioritizes user privacy and will not adopt any measures that compromise it.
Binance initially announced plans to delist 12 privacy coins, including Monero and Zcash, in some European Union countries due to “local regulatory requirements.” However, they later reconsidered after feedback from the projects and communities involved.
Hot Take: Binance’s Stance on Privacy Coins Criticized
Ricardo Spagni’s call for Binance to support privacy coins highlights the ongoing debate surrounding the intersection of cryptocurrency and privacy. While Binance initially planned to delist privacy coins, the industry pushback led to a reevaluation of the decision. The argument for privacy coins centers on the protection of individual and commercial privacy interests, as well as the adequacy of existing regulations in addressing anti-money laundering concerns. It remains to be seen how Binance will respond to Spagni’s criticism and whether they will take a firm stance on privacy coins or maintain their current compliance requirements.
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