Crypto exchange Binance It added a “monitoring tag” to the list of cryptocurrencies, including privacy coins. Monero (XMR), Cheap (ZEC), horizon (ZEN) and Firo (FIRO).
Binance said in an announcement that tokens with a tracking tag exhibit higher volatility and risks compared to other listed tokens, and are “at risk of no longer meeting our listing requirements” and have been delisted from the exchange.
He added that tokens with tracking tags are subject to regular reviews. Among the criteria assessed during the evaluations are trading volume and liquidity, network stability and security, and “contribution to a healthy and sustainable crypto ecosystem” as well as “responsiveness to our periodic due diligence requests.”
In order to trade tokens marked with a tracking label, users will be required to pass questions to confirm they are “aware of the risks,” Binance said in the announcement. Other services related to the tokens on the list are unaffected, including trading.
Other tokens tagged with the tracking tag include Aragon (ANT), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), and Vai (VAI).
Decrypt has reached out to Binance for comment, and will update this article if the exchange responds.
Binance and Privacy Coins
Crypto currencies Bitcoin And Ethereum Use anonymous wallet addresses; Because their ledger is public, their transactions can be tracked if an address can be linked to the user's identity. Privacy coins are cryptographic techniques that use cryptographic techniques to de-identify information from transactions, allowing users to trade anonymously.
Binance has struggled with listing privacy coins on its platform in some regions. In May 2023, the exchange announced that it would delist a number of cryptocurrencies, including Monero, Zcash and Horizen in France, Italy, Poland and Spain, before rolling back a month later.
However, a number of privacy coins, including Monero, have been affected by the ban, according to Binance, which requires exchanges to comply with local regulations “to monitor transactions for coins listed on our platform”.
In September 2023, Binance has announced that it will extend privacy coins including Monero, Horizen and Firo to Belgium.
Privacy coins have long faced scrutiny from US regulators and law enforcement. In the year As of 2020, the Internal Revenue Service (IRS) has offered a reward to anyone who can crack Monero's privacy.
In the year In a December 2020 notice of proposed rulemaking, the US Financial Crimes Enforcement Network (FINCEN) said “anonymity-enhanced cryptocurrency” (AEC) protocols limit investigators' ability to “follow transaction flows on distributed public ledgers” and “have”. Well-documented association with illegal activity,” the announcement described Monero as a “type of AEC.”
Binance's decision to mark its privacy coins with a watchdog comes after the exchange opened its books to scrutiny by US financial regulators and law enforcement, and settled with the US regulator on multibillion-dollar funds.
Under the agreement, Binance will be subject to increased monitoring, including the filing of Suspicious Activity Reports (SARs) on transactions between 2018 and 2022. Agencies. Former SEC attorney John Reed Stark described Binance's deal with US regulators as a “24/7, 365-days-a-year financial colonoscopy.”
Stay on top of crypto news, get daily updates in your inbox.
