Monero saw a sharp decline of up to 17% on Tuesday following Binance’s announcement of its decision to delist the privacy token from its platform, along with three other tokens: Aragon (ANT), Multichain (MULTI), and Via (VAI). The move, Binance stated, was part of its routine assessment of standards and industry changes.
Ranking 36th among cryptocurrencies, Monero boasts a market cap exceeding $2.5 billion. At the time of reporting, it was trading around $140.67.
As a privacy coin, Monero is designed to prioritize user privacy and anonymity, employing unique cryptography to ensure transaction anonymity. In an era of increasing transparency, the appeal of tokens like Monero, with their enhanced privacy features, is evident.
Despite its advantages, Binance’s decision to delist Monero prompted criticism from users, with one remarking on its status as one of the premier privacy coins. However, Binance is not alone in this move, as OKX previously announced its intention to remove eight privacy-focused coins, including Monero, ZCash, and Dash, citing compliance concerns and non-compliance with listing criteria.
The delisting of privacy coins like Monero reflects the ongoing debate surrounding their potential involvement in criminal activities and their compliance with regulatory standards worldwide.