Binance Delists 15 Tokens, Including Monero, Amid Regulatory Pressure
Binance, a major cryptocurrency exchange, has announced the delisting of 15 tokens, including Monero (XMR), from its platform as part of heightened regulatory pressure.
The announcement caused a stir among crypto enthusiasts and investors, as many users were left questioning the rationale behind this unexpected move. According to the exchange, users will have until September 1, 2024, to withdraw their assets in the affected tokens, after which the balance will be converted into USD Coin (USDC).
The conversion rate will be determined by the average exchange rate between September 2, 2024, and March 1, 2025, with the delisted tokens including Bitcoin Gold (BTG), Bitcoin Standard Hashrate Token (BTCST), Bitshares (DNT), Groestlcoin (GRS), Hegic (HEGIC), MobileCoin(MOB), Monetha [MTH], Multichain (MULTI), and LitecoIN.
This could be due to the fact that Monero has a strong and committed community, which has been outspoken in its support of the cryptocurrency’s privacy features. However, not everyone is happy with the delisting. The removal of privacy coins such as Monero from Binance’s list of banned sites is a significant step in the fight against money laundering, according to Mykola Siusko, whose Web3Privacy Now core contributor.
In recent times, privacy coins have been removed from exchanges or restricted from trading, with some citing concerns that they may be used for illegal purposes. Binance has not confirmed that the delisting is due to regulatory pressure, but the timing of the announcement has raised eyebrows among crypto enthusiasts.
Despite the ongoing changes in global regulations for cryptocurrencies, it remains unclear how exchanges will respond to the evolving market and potential outcomes for users and investors. In the meantime, Binance users are being advised to withdraw their assets in the affected tokens before the September 1 deadline.
The crypto community is grappling with the effects of delisting, but it’s clear that exchanges must learn how to stay ahead of the curve. For more information on this topic and the latest cryptocurrency news, check out our article on Understanding Cryptocurrency Regulations on CoinSeeks.com.
