Aragon

2024

Multichain

Bytecoin

Monero

<a href="https://cryptonews.com/coins/monero/" rel="noopener noreferrer nofollow">Monero</a>‘s price&nbsp;dropped as much as 17% on Tuesday after Binance said it would delist the privacy token from its platform.
Binance delisted four tokens, including Aragon (ANT), Multichain (MULTI), Via (VAI), and Monero (XMR). The decision was a result of a routine assessment of standards and industry changes, the exchange said.
<a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> will delist the following tokens on February 20, 2024.
<a href="https://twitter.com/search?q=%24ANT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ANT</a> <a href="https://twitter.com/search?q=%24MULTI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$MULTI</a> <a href="https://twitter.com/search?q=%24VAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$VAI</a> <a href="https://twitter.com/search?q=%24XMR&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$XMR</a>
Full details here <a href="https://t.co/3YRKqYrb7T" rel="noopener noreferrer nofollow">https://t.co/3YRKqYrb7T</a>
— Binance (@binance) <a href="https://twitter.com/binance/status/1754764386831347865?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 6, 2024</a>
Monero ranks 36th among cryptocurrencies, with a market cap of over $2.5b. It last traded around $140.67 at the time of reporting.
It is a type of privacy coin, or tokens that represent a category of cryptocurrencies engineered toward user privacy and anonymity. These coins incorporate certain privacy-centric features aimed at enhancing anonymity and minimizing traceability. These features make it challenging to work out the sender, recipient, and transaction details.
Monero also employs unique cryptography to guarantee anonymity of its transactions, <a href="https://www.coingecko.com/en/coins/monero" rel="noopener noreferrer nofollow">according to CoinGecko</a>. In an era marked by growing transparency, the appeal of a token like Monero is evident.
Monero and its XMR token were created to enable users to control their online data visibility. It originated from Bytecoin in 2012 and was launched as a fork in July 2014, focusing on anonymity.
<h2 id="monero-delisting-spurs-debate-on-privacy-coins">Monero Delisting Spurs Debate on Privacy Coins</h2>
 Binance’s decision to delist Monero sparked criticism on X, with one user stating: “Monero continues to be one of the best privacy coins on the market.. or off the market now. Binance having to remove it just proves this fact.”
Monero continues to be one of the best privacy coins on the market.. or off the market now. Binance having to remove it just proves this fact. <a href="https://t.co/Wc9CQr1w9U" rel="noopener noreferrer nofollow">https://t.co/Wc9CQr1w9U</a>
— Toby Cunningham (@sircryptotips) <a href="https://twitter.com/sircryptotips/status/1754783939477098671?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 6, 2024</a>
Binance is not alone in delisting privacy coins. OKX made a similar move last year, revealing its intention to <a href="https://cryptonews.com/news/okx-crypto-exchange-announces-plans-to-delist-privacy-coins-in-2024-whats-going-on.htm" rel="noopener noreferrer nofollow">remove eight privacy-focused coins</a>, including Monero, ZCash, and Dash, citing non-compliance with listing criteria.
Regulatory compliance and user input are typical drivers of such removals,&nbsp; as privacy coins face greater pressure to adhere to global standards.
Privacy coins have generated inquiries regarding their potential involvement in criminal activities and their legal standing across different nations.

Monero Price Suffers 17% Drop on Binance Delisting

Table of Contents

Cryptonews.com

Other articles published on Feb 6, 2024

Is Crypto Mining Under Global Attack? Beijing Joins EU and US in an Anti-Mining Offensive

Pundi X Initiates PURSE Token Distribution to Boost DePIN Development

Galaxis Technology: An Innovative Approach To The Subscription-Based Economy

Solana Struggles: Understanding the Network’s Recent Outages

3 Cryptocurrencies That Could Make $100 Become $1000

Why Blockchain is Pivotal for the Success of DeFi

Join our free newsletter for daily crypto updates!