Monero fell to a 5-month low when Binance announced the cancellation.
Privacy-focused cryptocurrency Monero fell to multi-month lows amid Binance's announcement of its upcoming token delisting from the platform.
Binance will decommission Monero (XMR) along with other tokens such as Aragon (ANT), Multichain (MULTI) and Vai (VAI) on February 20, 2024, the exchange announced on February 6.
As a result of the shutdown, Binance will remove all four trading pairs that include Monero, including those traded against Bitcoin (BTC), Ether (ETH), Tether (USDT), and Binance's native coin, BNB (BNB).
“In each case, To each their own,” the ad said.
XMR deleted after May 21 can still be converted to stablecoins on behalf of users, but the conversion is “not guaranteed,” Binance explained. “A separate notification will be made before the conversion period, and stablecoins will be credited to users' Binance accounts after the conversion,” the firm added.
The decision to delist XMR is based on several factors, including “contribution to a healthy and sustainable crypto ecosystem,” “evidence of unethical or fraudulent conduct or negligence,” as well as responding to Binance's current due diligence requests, among others.
He reacted to the news of the listing by seeing the price of Monero drop rapidly. At 9:21 am UTC, XMR fell to $136 on Binance, a 19% loss in just a few hours, according to data from TradingView.
Monero's price has rebounded slightly since then, with XMR trading at $140.30, according to TradingView data. Monero has hit lows not seen since mid-September 2023.
Binance is not the only exchange to delist Monero. In the year In late 2023, crypto exchange OKX also announced that it will delist Monero and another privacy-focused coin, Zcash (ZEC), on January 5, 2024.
Binance also announced plans to cancel all privacy tokens in countries such as France and Italy in May 2023, but ultimately reversed its decision in June 2023.
According to some online analysts, the cancellation could be bad news for Binance, not just onl.
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“As bad as it is for Monero, I see this cancellation mainly as a sign of Binance's slow demise,” cryptocurrency trader John Brown wrote on XPost.
Monero fell sharply on the closing news from Binance.
As bad as it is for Monero, I see this cancellation mainly as a sign of the slow demise of Binance. Now that they are “highly compliant” they can no longer choose which properties to support.
— John Brown (@john_j_brown) February 6, 2024
Although former Binance CEO Changpeng Zhao pleaded guilty in a US court in late 2023 to violating anti-money laundering and sanctions laws, the exchange continues to face pressure from global regulators. In late January, reports indicated that Binance.US was banned from operating in Florida and Alaska.
Zhao, who has not received permission to travel to his home in the United Arab Emirates, will be sentenced in the United States on February 23, 2024, and faces up to 18 months in prison.
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