- Binance’s decision to remove Monero (XMR) and several other assets results in a 19% decrease in price.
- The delisting of Monero mirrors the regulatory scrutiny facing privacy coins within the cryptocurrency market.
- Withdrawals of Monero from Binance will continue to be facilitated until May 20.
Monero (XMR), a prominent privacy-centric cryptocurrency, is witnessing a substantial decline in its price subsequent to an announcement by Binance, the world’s largest cryptocurrency exchange, regarding its delisting.
Binance disclosed its choice to remove Monero, alongside several other assets such as Aragon (ANT), Multichain (MULTI), and Vai (VAI), effective February 20.
The price of Monero following its delisting from Binance.
Binance’s delisting of Monero (XMR) is in line with its ongoing commitment to compliance and platform security. The exchange mentioned multiple factors behind the delisting, including trading volume, liquidity, stability, safety, communication, and signs of unethical behavior.
Following the announcement, Monero’s price fell by over 19% to $134.24.
Monero price chart
This rapid decrease highlights how swiftly exchange decisions can affect cryptocurrency prices and investor outlook.
The consequences of the delisting
The removal of Monero from Binance marks a significant development in the cryptocurrency landscape, particularly for privacy-focused digital assets. Monero, renowned for its robust privacy features that obscure transaction details, has frequently faced regulatory scrutiny due to concerns about its potential use in illicit activities.
Binance’s decision to delist Monero from its platform reflects a broader trend of regulatory pressure on privacy coins. By discontinuing support for Monero trading and withdrawals, Binance aims to mitigate regulatory risks and enhance compliance efforts, aligning with evolving industry standards.
Investors and users of Monero will need to adapt their strategies accordingly in response to Binance’s delisting decision. While withdrawals of Monero will be supported until May 20, users may explore alternative platforms or wallets for trading and storing their XMR holdings.
