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Home BUSINESS

Monero Faces Major Setback: Binance Delists XMR Amid Privacy Concerns

Michael Juanico by Michael Juanico
February 6, 2024
in BUSINESS, CRYPTO, DEFI
Reading Time: 2 mins read
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  • Binance will delist privacy coin Monero (XMR) later in February due to regulatory pressure, removing all XMR trading pairs.
  • The news caused the price of XMR to plunge over 30%, dropping from around $166 to $111.
  • Binance said the delisting helps contribute to a healthy crypto ecosystem, as regulators grow wary of the transaction anonymity Monero provides.

Cryptocurrency exchange Binance has announced it will stop supporting privacy coin Monero (XMR) later this month. The move triggered a significant price drop for the anonymity-focused asset.

JUST IN: Monero $XMR is down 33% following its Binance delisting

Is this the end of privacy coins? pic.twitter.com/tkEynNG9e4

— BlockNews.com (@blocknewsdotcom) February 6, 2024

Binance Removes XMR Trading Pairs

On February 20th, Binance will remove all XMR trading pairs, including XMR/BTC, XMR/ETH, and XMR/USDT. This comes after rival exchange OKX also delisted Monero in January amid regulatory pressure on privacy coins.

Monero Price Plunges Over 30%

The news of Binance dropping XMR support caused the price of the privacy coin to dump by over 32%. XMR hit a high of $517 in May 2021 but has since shed nearly 77% of its value. Following the Binance announcement, XMR plunged from $166 to around $111.

Tighter Regulations Force Delistings

Binance’s move highlights the balancing act exchanges face between boosting adoption and bending to intensified legal scrutiny. In a blog post, Binance said the decision helps contribute to a “healthy and sustainable crypto ecosystem.” Regulators have grown increasingly suspicious of the transaction anonymity Monero and similar coins provide.

Outlook Going Forward

As the most prominent privacy coin, Monero poses a major anonymity challenge for authorities. The delisting from Binance deals a further blow as the exchange aims to navigate tighter global compliance standards. However, for now, Monero remains listed on several other top exchanges.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BinanceCrypto ExchangeMoneroOKXXMR
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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