Leading cryptocurrency exchange Binance announced recently that it will delist privacy-oriented coin Monero (XMR) on February 20. Binance has become the latest platform to dump the anonymity-focused asset amidst growing global compliance crackdowns.
Key details on Binance axing XMR support:
- As of Feb. 20, Binance will delist all XMR trading pairs with BTC, ETH, and USDT.
- It comes on the heels of rival exchange OKX also removing privacy coins like Monero in January.
- XMR price dumped over 32% on the delisting news.
In a blog explaining regular coin review processes, Binance cited “contribution to a healthy and sustainable crypto ecosystem” among factors driving potential delisting decisions. The exchange set a Feb. 20 deadline to halt Monero trades.
The move follows months of worry across privacy coins like Monero, Zcash, and Dash as platforms yank availability to satisfy regulator demands. Rival exchange OKX preceded Binance in delisting Monero and select peers in January, amidst growing global skepticism.
Binance delisting news triggers a 32% Monero slump
As the most prominent privacy coin letting users obscure transaction details, Monero poses exactly the kind of anonymity headache authorities fear. The news also sent prices plunging by over 32%.
XMR hit a high of $517.62 in May 2021. However, the coin has shed almost 77% of its value ever since. Following the announcement by Binance, the price of XRM plunged from a 24-hour high of $166.54 to its current price of $111.
Binance’s announcement exemplifies the tightrope crypto businesses walk to boost adoption and revenue while bending to intensified legal scrutiny in key markets.