- Binance delists Monero (XMR) along with other assets, causing a 19% price drop.
- Monero’s delisting reflects regulatory pressure on privacy coins in the crypto market.
- Monero withdrawals from Binance will be supported until May 20.
Monero (XMR), one of the leading privacy-focused cryptocurrencies, is experiencing a significant drop in its price following a delisting announcement from Binance, the world’s largest cryptocurrency exchange.
Binance revealed its decision to delist Monero along with several other assets, including Aragon (ANT), Multichain (MULTI), and Vai (VAI), effective February 20.
Monero price post Binance delisting
Binance’s decision to delist Monero (XMR) comes as part of its ongoing efforts to uphold compliance standards and ensure the safety and integrity of its platform. The exchange cited various reasons for the delisting, including considerations such as trading volume, liquidity, stability, safety, public communication, and evidence of unethical or fraudulent conduct.
At press time, Monero’s price had dropped by more than 19% in response to the news, trading at $134.24.
This swift decline underscores the immediate impact of exchange decisions on cryptocurrency prices and investor sentiment.
Implications of the delisting
The delisting of Monero from Binance marks a significant development in the cryptocurrency landscape, particularly for privacy-focused digital assets. Monero, known for its robust privacy features that obscure transaction details, has often faced regulatory scrutiny due to concerns about its potential use in illicit activities.
Binance’s move to remove Monero from its platform reflects a broader trend of regulatory pressure on privacy coins. By discontinuing support for Monero trading and withdrawals, Binance aims to mitigate regulatory risks and enhance compliance efforts, aligning with evolving industry standards.
Investors and users of Monero will need to adjust their strategies accordingly in response to Binance’s delisting decision. While withdrawals of Monero will be supported until May 20, users may consider alternative platforms or wallets for trading and storing their XMR holdings.