Crypto exchange giant Binance has made a significant announcement, declaring its decision to cease the listing of Monero (XMR) privacy token effective February 20.
In addition to Monero (XMR), Binance will also delist three other tokens – Aragon (ANT), Multichain (MULTI), and Vai (VAI) – citing deviations from the exchange’s expected standards.
Binance clarified its decision, stating that tokens failing to meet their standards or witnessing industry changes undergo thorough reviews, potentially leading to delisting.
Withdrawals for Monero (XMR) will not be facilitated beyond May 20, as confirmed by Binance in their blog post.
Following the announcement, XMR experienced a sharp decline of approximately 16%, plummeting to $139.96.
Privacy coins like Monero are designed to maintain anonymity by masking money transactions on their networks, posing challenges for regulatory and law enforcement bodies.
This move by Binance echoes similar actions taken by other exchanges, with OKX announcing the delisting of XMR and other privacy-focused tokens like dash (DASH) and ZCash (ZCH) towards the end of last year.