Monero (XMR) Delisted by Binance
Binance, the world’s largest cryptocurrency exchange, has announced that it will be delisting Monero (XMR), the leading privacy-focused cryptocurrency.
In a recent announcement, Binance stated that after conducting a review, it has decided to include XMR in its latest delisting spree.
The news of the delisting caused an immediate drop in the price of XMR, which is currently trading at $108.80, marking a 32% decrease in the last 24 hours.
Aside from Monero, Binance also plans to delist Aragon (ANT), Vaiot (VAI), and Multichain (MULTI).
Factors Considered by Binance During Review
When reviewing supported assets, Binance takes into account various factors, including:
- The team’s commitment to the project
- The level and quality of development activity
- Trading volume and liquidity
- The stability and safety of the network from attacks
- Network and smart contract stability
- The level of public communication
- Responsiveness to due diligence requests
- Evidence of unethical or fraudulent conduct
- Contribution to a healthy crypto ecosystem
New CEO Emphasizes Transparency at Binance
Binance’s former CEO, Changpeng Zhao, stepped down last year after pleading guilty to violating anti-money laundering and securities laws. The exchange’s new CEO, Richard Teng, has since emphasized the adoption of a more transparent business model.
Teng states that the fundamentals of the business are strong, with a debt-free capital structure and robust revenue and profits. Binance is committed to transparency and will be sharing financial information, as required by auditors and regulatory agencies.
Hot Take: Monero’s Delisting and Binance’s Transparency Efforts
Binance’s decision to delist Monero, along with other cryptocurrencies, highlights the exchange’s commitment to reviewing and maintaining a healthy crypto ecosystem. By considering factors such as team commitment, development activity, and network stability, Binance aims to provide a secure and reliable platform for its users.
The delisting of XMR may have caused a significant price drop, but it also serves as a reminder of the risks associated with privacy-focused cryptocurrencies. As Binance continues to prioritize transparency under its new leadership, it aims to build trust within the industry and ensure a sustainable future for crypto trading.
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