Monero (XMR) To Be Delisted This Month
Binance, one of the largest crypto exchanges, recently announced that it will delist and cease trading activity for four tokens, including Monero (XMR), starting on February 20, 2024. The decision was made after a review that found these tokens no longer met Binance’s standards. Monero’s trading pairs will be removed from the platform, and any XMR deposits made after February 21, 2024, won’t be credited to user accounts. Withdrawals of XMR will be supported until May 20, 2024. Binance also mentioned the possibility of converting XMR tokens into stablecoins on behalf of users after the withdrawal deadline.
Binance Faces Criticism Upon Delisting News
The announcement of Monero’s delisting caused a sharp drop in its price. Many members of the crypto community expressed concerns and disappointment with Binance’s decision. The team behind Monero explained that the delisting was due to Binance’s new requirement for deposits to come from publicly transparent addresses, which Monero doesn’t allow. Some traders see this delisting as a negative sign for Binance, indicating that the exchange is becoming too compliant to choose which assets to support.
Hot Take: Impact on Binance’s Reputation
Binance’s decision to delist Monero has raised questions about the exchange’s compliance practices and asset selection criteria. It comes at a time when Binance and its former CEO have faced regulatory scrutiny in the United States. This move could further damage Binance’s reputation and raise concerns among users about the exchange’s commitment to privacy-focused cryptocurrencies like Monero.
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