- 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.
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.
