Binance Delists Monero (XMR) Coin, Causing Price Drop
One of the leading crypto exchanges, Binance, has made the decision to delist Monero (XMR), a popular privacy-focused coin. This announcement has had a significant impact on the price and trading volume of Monero.
Reason for Delisting: Privacy Concerns
The main reason behind the delisting is likely due to Monero’s use of stealth addresses, which conflicts with Binance’s requirement for deposits from publicly transparent addresses. However, Monero has reassured its users that it will never compromise on privacy and suggested alternative platforms for trading XMR.
Rumors and Backlash on Crypto Twitter
The delisting decision by Binance has sparked rumors and backlash on Crypto Twitter. Many users, influencers, and institutions are criticizing the move and speculating that Binance is yielding to US regulations. Interestingly, this announcement came shortly after Treasury Secretary Janet Yellen called for cryptocurrency regulations.
XMR Price Drops Sharply
Following the delisting news, the price of XMR experienced a sharp decline of 32%. Currently, XMR is trading below $115, reaching lows not seen since mid-September 2023.
Binance’s Response Raises Concerns
The Binance Customer Support team responded to user comments and concerns but provided a generic copy/pasted response instead of addressing individual questions. This approach did not sit well with users who expected more personalized assistance.
Binance Under Heavy Compliance After Regulatory Violations
Despite Changpeng Zhao resigning and pleading guilty to violating Anti-Money Laundering and sanctions laws in the US in late 2023, Binance is still subject to five years of surveillance, monitoring, and strict compliance with US regulators as part of a settlement agreement.
Hot Take: Impact of Binance’s Delisting Decision
The delisting of Monero by Binance has caused significant turbulence in the crypto market. It raises questions about the balance between privacy and regulatory compliance. While Binance’s decision may have been influenced by its settlement agreement with US regulators, it also highlights the challenges faced by privacy-focused cryptocurrencies in a regulated environment. The impact on Monero’s price and trading volume serves as a reminder of the influence major exchanges hold over the crypto market.
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