- Binance, the largest cryptocurrency exchange, has delisted Monero (XMR) and other assets, resulting in a 19% price drop.
- This move reflects the increasing regulatory pressure on privacy coins in the crypto market.
- The delisting of Monero from Binance will be in effect until May 20, with refunds being offered to users.
In response to Binance’s delisting, the price of Monero (XMR), a leading privacy-focused cryptocurrency, has dropped significantly.
Aside from Monero, Binance has also removed several other assets from its platform, including Aragon (ANT), Multichain (MULTI), and Vai (VAI), effective February 20.
Monero Price Drop After Binance Delisting
The decision to delist Monero (XMR) is part of Binance’s efforts to comply with safety and regulatory standards. The exchange cited factors such as trading volume, liquidity, safety, stability, and public relations as reasons for delisting, as well as any evidence of unethical conduct.
As of press time, Monero’s price has dropped by over 19%, currently trading at $134.24.
This sudden drop in cryptocurrency prices highlights the impact that exchange decisions have on investor sentiment and market prices.
Implications of Monero’s Delisting
The delisting of Monero by Binance is a significant development in the crypto landscape, particularly for privacy-focused digital assets. Regulatory authorities have raised concerns about the potential for illegal activities to be carried out using this technology.
Binance’s decision to remove Monero from its platform reflects the growing regulatory pressure on privacy coins. By discontinuing support for Monero trading and withdrawals, Binance aims to minimize regulatory risks and align with industry standards.
Investors and users of Monero will need to adjust their strategies accordingly in light of Binance’s delisting. While users can still withdraw their funds until May 20, they may want to consider using other platforms or wallets to trade and store their XMR.