Binance, a prominent cryptocurrency exchange, has recently announced that it has placed three leading privacy-focused coins on its monitoring list due to volatility and regulatory concerns. The coins in question are Monero (XMR), Zcash (ZEC), and Firo (FIRO), along with seven other coins that are also under review and may face possible delisting.
These coins now carry a “monitoring tag” and must pass risk evaluations every 90 days to remain tradeable. This review is part of the periodic checks that cryptocurrency projects must undergo to continue meeting criteria around team commitment, trading volume, on-chain security, and liquidity.
The exchange has warned that any tokens that fail to meet the listing requirements will eventually be delisted. This move follows similar actions by other exchanges, such as OKX and Huobi, which have also delisted several privacy coins.
Privacy coins like Monero and Zcash use advanced cryptographic techniques to hide transaction details and participant identities, enabling private, untraceable payments and savings. However, the inherent anonymity of these coins has raised regulatory concerns, as these tools could potentially enable illegal activities like money laundering and ransomware. Despite the advocacy from privacy coin creators for individual financial sovereignty and human rights, delistings by major exchanges could significantly impact their accessibility.
Monero and Zcash, launched in 2014 and 2016 respectively, have seen extensive global exchange listings and usage. However, tightened regulations, especially in relation to money laundering and terrorist financing, may continue to threaten their presence on permitted trading platforms.
Other coins listed under the new monitoring tag from Binance include Aragon (ANT), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), Vai (VAI), and Horizen (ZEN). Notably, Horizen no longer operates as a privacy coin, following its developer’s decision to remove all the privacy features previously associated with it.
Following Binance’s announcement, FIRO experienced a decline of -21.3% in its price over the 48 hours since, with the coin now trading at $1.51. XMR, meanwhile, was up +5.3% for the initial 24 hours since the announcement, then down -3.1% 24 hours afterward. ZEC is also down -6.9% over the same period. As a sector, privacy coins are down – 4.5% in the past 24 hours and down -11.6% over the past week.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | Huobi, OKX, Binance, European Banking Authority, CoinGecko |
| Currencies | Zcash, Aragon, Bitcoin, Vaiot, Horizen, mobilecoin, Firo, Keep3rV1, Monero, Mdex, Reef |
| Securities | None |
