The privacy and security-focused token comes after Binance, one of the largest crypto exchanges, announced on February 6 that it would be delisted along with three other tokens in the coming weeks. The price of Monero (XMR) has fallen.
Monero (XMR) to be delisted this month
Binance recently announced that it will delist and suspend all trading activities for Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) from 03:00 on February 20, 2024 (UTC) . The decision was made after Binance's latest review determined that the platform was no longer able to support the token.
Following a review of the exchange's digital assets, Binance announced its determination to delist these tokens, confirming that they no longer meet the exchange's standards. Factors on which the decision was based include “evidence of unethical or fraudulent conduct or negligence” and “contributing to a healthy and sustainable crypto ecosystem.”
Binance has announced that it will remove Monero trading pairs from its platform, including XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT. All trading orders will be automatically deleted when the trade ends.
Additionally, XMR deposits made after 03:00 (UTC) on February 21, 2024 will not be credited to users' accounts, and XMR withdrawals will be supported until May 20, 2024. Binance also “does not guarantee” that XMR tokens will be converted to stablecoins on behalf of users after the withdrawal deadline.
Binance faces criticism over delisting news
Immediately after this announcement, Monero's price plummeted. According to CoinGecko data, XMR was trading at $165 before the announcement, but rose to $148 in the next 30 minutes. Since then, the token has continued to decline and is trading at $111,85 at the time of writing, accounting for a 32.7% drop in the past 24 hours.
The cryptocurrency community received this news with concern. Some users questioned the reason for Monero's delisting and expressed disappointment with the exchange's decision.
The team behind Monero shared on their X account (previously known as Twitter) that the delisting was done in response to Binance's new requirements. The cryptocurrency exchange said that deposits must be made from “publicly transparent addresses,” but Monero does not allow this.
The delisting is happening because Binance requires deposits to be made from publicly transparent addresses. Monero has been using stealth addresses for all addresses since his April 2014 launch.
Monero allows selective disclosure through view keys, but not transparent addresses
— Monero (XMR) (@monero) February 6, 2024
Cryptocurrency trader John Brown shared his thoughts on the exchange delisting of XMR on his X account, saying that while it is a negative situation for Monero, the exchanges are “very compliant.” stated that this is primarily a “negative sign for Binance” due to its beliefs. ” You can no longer select assets to support.
Monero fell sharply following the news of Binance's delisting.
While bad for Monero, I mainly see this delisting as a sign of Binance's slow demise. They are now “highly compliant” and can no longer choose which assets they support.
— John Brown (@john_j_brown) February 6, 2024
Last year, Binance and its former CEO, Changpeng Chao, known as CZ, came under regulatory scrutiny after pleading guilty in the US to anti-money laundering, unauthorized transfers and sanctions violations. faced.
Monero (XRM) is trading at $114,9 on the hourly chart. Source: XMRUSDT on TradingView.com
Featured image from Unsplash.com, chart from Tradingview.com
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC's opinion on whether to buy, sell, or hold an investment, and investing naturally involves risk. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
