- Binance to delist four altcoins, including Monero (XMR) from trading to protect users, and Monero crumbled 35% since the delisting announcement, losing over $1B in market cap.
Binance, the leading cryptocurrency exchange, issued a three-week notice on four altcoins, which will be completely removed from the platform.
The shocking announcement on Tuesday morning declares the all-around delisting of Monero (XMR), Aragon (ANT), Vai (VAI), and Multichain (MULTI) from Binance’s services.
The message by the crypto titan laid out various factors that contributed to the decision.
While the key factors included trading volume, liquidity, and network stability, Binance also outlined “evidence of unethical/fraudulent conduct or negligence.”
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According to the statement, the full removal of all XMR trading will occur on February 20, 2024.
#Binance will delist the following tokens on February 20, 2024.
Full details here ⬇️https://t.co/3YRKqYrb7T
— Binance (@binance) February 6, 2024
The mass media have stigmatized illicit activity involving privacy-focused blockchains, while money laundering prevention tactics by legal bodies have often been a miss.
Known as a coin “private by design”, the veteran altcoin is labeled a go-to cryptocurrency for cybercriminals in the Financial Crime Academy’s (FCA) latest research, increasing legal scrutiny surrounding private crypto coins with obfuscated transaction history.
XMR Bloodbath Escalates With 33% Drop In A Single Day
Binance’s clean-up move sent shockwaves through the crypto markets on Tuesday morning. XMR plummeted by 16.9% at 9 AM GMT, facing another immediate 5% drop in the afternoon.
The private blockchain, existing since 2014, witnessed its longest red candle in a year to fall below $120 at publication.
Measured by market cap, Monero lost an eye-watering $1 billion in global market cap in less than 24 hours.
Now at $2,019,267,810, XMR could be heading to a double-digit price range for the first time since September 2020.
Nevertheless, Monero is still available for trading across 126 centralized and decentralized cryptocurrency platforms worldwide.
The move has raised immense backlash from crypto enthusiasts who believe in the intrinsic value of undecipherable blockchains, bringing uncompromising anonymity to crypto traders.
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To illustrate, free speech proponent and former Congress candidate Douglas Touman remarked that Monero is “unstoppable” and is “born to thrive outside of the State-controlled fiat system.”
Well at least losing all my #monero in that boating accident doesn’t feel so bad anymore 😝 … remember folks they can’t kill it, they can only try to make you believe they can.
Today, flip this chart on its head and rename the Y-axis “unstoppableness”! Monero is the truest… pic.twitter.com/JAd0iyeRku
— Douglas Tuman (@DouglasTuman) February 6, 2024
Binance possibly delists Monero due to its privacy and anonymity. Last year, Binance was fined $4.3 billion by the Department of Justice (DoJ) for violating several anti-money laundering prevention rules.
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#Binance #WRITE2EARN
