The price of Monero (XMR), a token that focuses on security and privacy, dropped on February 6 as a result of Binance, one of the biggest cryptocurrency exchanges, announcing that it will be delisted along with three other tokens in the coming weeks.
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This Month, Monero (XMR) is Scheduled for Deletion
Recently, Binance declared that Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) would be delisted and that trading would cease on February 20, 2024, at 03:00 (UTC). Following Binance’s most recent review, which found that the platform could no longer support the tokens, a decision was made.
CryptoCaster Quick Check:
Binance announced its decision to delist these tokens after reviewing the digital assets on the exchange and confirming that they no longer adhered to the exchange’s standards. “Evidence of unethical or fraudulent conduct or negligence” and “contribution to a healthy and sustainable crypto ecosystem” are among the criteria that went into making the decision.
The trading pairs for Monero, such as XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT, have been removed from the platform, according to a statement made by Binance. When trading stops, all trade orders will be automatically deleted.
Furthermore, XMR withdrawals won’t be permitted until May 20, 2024, and deposits made after February 21, 2024, at 03:00 (UTC) won’t be credited to the users’ accounts. Additionally, Binance disclosed that, while it “is not guaranteed,” users’ XMR tokens may be converted into stablecoins on their behalf after the withdrawal deadline.
Binance Draws Criticism Following Announcement of Delisting
The announcement was quickly followed by a sharp decline in the price of Monero. CoinGecko data shows that in the 30 minutes that followed the announcement, XMR’s trading price dropped from $165 to $148. The token has since plummeted even further; as of this writing, it is trading at $111,85, a decrease of 32.7% over the previous day.
The news was met with concern by the cryptocurrency community. Many users expressed dissatisfaction with the exchange’s decision and questioned the reasons behind Monero’s delisting.
The Monero team announced on its X account, which was formerly Twitter, that the delisting follows Binance’s new mandate. Deposits must originate from a “publicly transparent address, which Monero doesn’t allow,” according to the cryptocurrency exchange.
Crypto trader John Brown discussed XMR’s delisting from the exchange on his X account. He stated that while this is bad news for Monero, it is primarily a “negative sign for Binance” because he thinks the exchange is now “so compliant” that they are unable to select which assets to support.
After entering a guilty plea to charges of anti-money laundering, unlicensed money transmission, and sanctions violations in the United States last year, Binance and its former CEO Changpeng Zhao, also known as CZ, came under regulatory scrutiny.
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