MobileCoin

Future

Horizen

Monero

<p class="is-style-lead">Binance, a cryptocurrency exchange, will reportedly halt the trading of privacy-centric coins like Monero (XMR) in Belgium. In a screenshot circulated on X, the exchange cited adherence to local laws as the primary reason. </p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">Privacy coins will be outlawed and delisted from all exchanges.<br>For Europe it starts now <a href="https://t.co/CQ42Q2b8n1" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/CQ42Q2b8n1</a></p>— MisterCh0c (@Mister_Ch0c) <a href="https://twitter.com/Mister_Ch0c/status/1699290391168618722?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 6, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>A Binance spokesperson also emphasized their commitment to complying with local laws regarding privacy coins.</p> 
<p>The delisting of privacy-centric coins in Belgium follows Binance taking <a href="https://crypto.news/binance-revises-stance-on-privacy-coin-listings-in-europe/" data-type="link" data-id="https://crypto.news/binance-revises-stance-on-privacy-coin-listings-in-europe/" rel="noopener noreferrer nofollow">similar actions</a> in France, Italy, Poland, and Spain a few months ago.</p> 
<p>With this announcement, privacy coins like Monero (<a href="https://crypto.news/price/monero/" data-type="link" data-id="https://crypto.news/price/monero/" rel="noopener noreferrer nofollow">XMR</a>), MobileCoin (<a href="https://crypto.news/tag/mobilecoin/" data-type="link" data-id="https://crypto.news/tag/mobilecoin/" rel="noopener noreferrer nofollow">MOB</a>), Firo (<a href="https://crypto.news/tag/firo/" data-type="link" data-id="https://crypto.news/tag/firo/" rel="noopener noreferrer nofollow">FIRO</a>), and Horizen (<a href="https://crypto.news/price/horizen/" data-type="link" data-id="https://crypto.news/price/horizen/" rel="noopener noreferrer nofollow">ZEN</a>) will no longer be available for trading to Belgian customers beginning Sep. 21.</p> 
<p>Platforms powering these coins specialize in offering enhanced anonymity features, employing technologies like <a href="https://crypto.news/learn/zero-knowledge-proofs-explained-proving-you-know-a-secret-without-sharing-it/" data-type="link" data-id="https://crypto.news/learn/zero-knowledge-proofs-explained-proving-you-know-a-secret-without-sharing-it/" rel="noopener noreferrer nofollow">zero-knowledge proofs</a> to obfuscate transaction details. </p> 
<p>While these features have legitimate uses, concerns around their potential for facilitating money laundering activities have led to increased scrutiny by regulators.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe title="HUGE CRYPTO NEWS! BINANCE MUST STOP due to BELGIUM VIOLATION!?" width="1020" height="574" src="https://www.youtube.com/embed/-aXVKl37Gsc?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div> 
 <figcaption class="wp-element-caption">
   The Belgium-Binance situation from July 2023 
 </figcaption> 
</figure> 
<p> You might also like: <a href="https://crypto.news/jim-cramer-endorses-binance-and-bnb-despite-recent-troubles/" rel="noopener noreferrer nofollow"> Jim Cramer endorses Binance and BNB despite recent troubles </a> </p> 
<p>Interestingly, the timing of the announcement is worth noting. </p> 
<p>Last week, Binance <a href="https://www.binance.com/en/blog/ecosystem/binance-continues-to-serve-belgian-users-8435767371921116777" data-type="link" data-id="https://www.binance.com/en/blog/ecosystem/binance-continues-to-serve-belgian-users-8435767371921116777" target="_blank" rel="noopener noreferrer nofollow">declared</a> its intentions to serve Belgian users through its entity in Poland. This relocation implies that Polish regulatory stipulations will now extend to the Belgian user base as well. </p> 
<p>The context within which this decision was made raises questions about how national and international laws can affect the operations of decentralized technologies and platforms.</p> 
<p>The European Union is presently engaged in legislative discussions aimed at dealing with the money laundering risks tied to anonymous crypto transactions. </p> 
<p>Future regulations could range from more stringent trading restrictions to an outright ban on <a href="https://crypto.news/privacy-coins-face-potential-extinction-but-will-they-survive-the-wrath-of-financial-regulators/" data-type="link" data-id="https://crypto.news/privacy-coins-face-potential-extinction-but-will-they-survive-the-wrath-of-financial-regulators/" rel="noopener noreferrer nofollow">privacy coins</a>.</p> 
<p>Binance has expressed its proactive approach towards regulatory compliance, stating that it will continue to update its product and coin offerings in accordance with evolving legal frameworks.</p> 
<p>The unfolding scenario brings forth crucial points for consideration, both for crypto platforms and regulators.</p> 
<p> Read more: <a href="https://crypto.news/binance-ceo-changpeng-zhao-sheds-light-on-binances-future-amid-regulatory-challenges/" rel="noopener noreferrer nofollow"> Binance CEO Changpeng Zhao sheds light on Binance’s future amid regulatory challenges </a> </p>

Binance will reportedly delist Monero and privacy coins in Belgium

crypto.news

Other articles published on Sep 6, 2023

ARK Invest and 21Shares Seek SEC Approval for Groundbreaking Ether ETF

ZEX PR WIRE Unveils $15,000 Worth of Free PR Campaign at Token 2049 Singapore

Coinbase Unleashes Coinbase Prime, A Crypto Lending Service for U.S. Institutional Investors

Global Updates on Crypto currency and Blockchain Technology

Justin Bieber’s hit ‘Company’ transforms into royalty-bearing NFT

Ripple President's Remarkable Speech Takes Center Stage

Join our free newsletter for daily crypto updates!