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.
Stay in the know on crypto by frequently visiting Crypto News Today
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.
We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism.
From Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.
And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.
When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.
We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
CRYPTOCASTER HEATMAP
