Information that the Binance cryptocurrency exchange intends to delist Monero (XMR) privacy coins from the listing of the Belgian exchange, appeared in early September. The cessation of trading in privacy-focused digital assets such as Monero (XMR), MobileCoin (MOB), Firo (FIRO) and Horizen (ZEN) comes amid increased pressure from Belgian regulators to comply with EU laws.
After the Binance team announced its intention to delist XMR on September 21, prices for the asset began to gradually decline.
Binance explains the ban on spot trading and the fall in the value of privacy-oriented assets by their vulnerability to new changes in the regulatory policies of the European Union. The use of sensitive features of this class of digital coins is legal, but increasing regulatory concerns about possible use in criminal activities have led to tightened control by officials.
Previously, the Binance crypto exchange stated that it was able to find a way to work with clients from countries in which its activities are prohibited – the platform will transfer users to service in other jurisdictions.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
