- Monero, a leading privacy coin, has been officially delisted from Binance, the largest cryptocurrency exchange by trading volume, as Binance aims to gain favor with global regulators.
- Other major exchanges like Kraken, Huobi, and OKX have already dropped XMR support due to legal concerns. The removal process has not been smooth, with some users reporting withdrawal issues and accusations of manipulation.
- When Binance first announced the delisting, XMR crashed 36%. However, opportunistic buyers seem to be scooping up the discounted coins, with XMR recovering 6.4% to nearly erase Monday’s losses, signaling continued faith in the coin’s viability.
Monero, a leading privacy coin, has been officially delisted from Binance, the largest cryptocurrency exchange by trading volume. This marks the end of XMR’s availability on the world’s biggest trading platform. The move comes as Binance aims to gain favor with global regulators, but Monero holders have still managed to drive the price back up after an initial crash.
Binance Delists Monero Amid Regulatory Pressure
Binance first announced its plan to delist Monero on February 10th, citing the need to meet regulatory requirements. Monero is prized for its untraceable transactions, but this has also brought scrutiny from authorities who argue it enables illicit financing. Binance has provided little detail on the reasoning behind removing XMR support. The exchange says it reviews each asset periodically to ensure it meets “high standards” and aligns with the “industry landscape.”
Monero Joins Growing List of Delisted Coins
This delisting is nothing new for Monero. Other major exchanges like Kraken, Huobi, and OKX have already dropped XMR support due to legal concerns. Binance itself previously announced plans to delist privacy coins like Monero in the EU back in 2023 before reversing course a month later. As part of the latest delisting process, Binance has canceled all XMR trading orders and hinted at potentially converting holdings into stablecoins.
Withdrawal Issues and Accusations of Manipulation
The removal process has not been smooth. Some users have reported problems withdrawing Monero from Binance ahead of the deadline, claiming the exchange wants traders to sell their coins instead. Binance also halted XMR withdrawals for a time, citing low hot wallet reserves, despite knowing the delisting date in advance. This has led to accusations of manipulation in Monero’s final days on the platform.
Traders Buy the Dip and Recover Losses
When Binance first announced the delisting, XMR crashed 36%. It then traded sideways for a period. On Monday, the day before removal, the price dropped again from $1218 to $1131 as traders sold ahead of the deadline. However, opportunistic buyers seem to be scooping up the discounted coins. XMR has now recovered 6.4% to around $1204, nearly erasing Monday’s losses. Technical indicators remain bearish overall, but the quick rebound suggests strong underlying demand.
Conclusion
While Binance’s delisting represents a blow to Monero’s accessibility, the privacy coin still trades on major platforms like Kraken. Delisted assets often struggle, but Monero holders have so far weathered the storm, limiting losses and signaling continued faith in the coin’s viability. However, regulatory pressures on privacy coins show no signs of abating. Monero’s long-term success may depend on finding favor with authorities, not just passionate traders.
