Crypto exchange Binance is set to remove privacy tokens from its platform for users in France, Italy, Poland, and Spain starting June 26.
Binance Delists Privacy-Focused Cryptocurrencies in Multiple European Countries
Crypto exchange Binance is set to remove privacy tokens from its platform for users in France, Italy, Poland, and Spain starting June 26. The decision is in response to local laws and regulations governing the trading of privacy coins. Twelve tokens will be affected, including Monero (XMR), Zcash (ZEC) and Dash (DASH).
Binance has emphasized its commitment to compliance and ensuring the ability to serve as many users as possible. Privacy-focused cryptocurrencies have faced opposition from governments worldwide due to concerns about money laundering and terrorism financing. The move by Binance to delist privacy tokens in several European countries highlights the increasing scrutiny faced by cryptocurrencies designed to enhance user privacy.
Binance's decision to comply with local regulatory requirements is in line with the ongoing trend of governments opposing privacy-focused cryptocurrencies and related tools. Major crypto exchange Huobi had already terminated support for seven privacy coins in 2022, citing regulatory pressures. Authorities in the United States have also taken action against prominent crypto mixer Tornado Cash.
These developments come as global jurisdictions enforce Anti-Money Laundering (AML) regulations, including the Financial Action Task Force's Travel Rule, which mandates the transmission of customer data to regulators for crypto transactions.
