Binance Reverses Delisting Decision for Privacy Tokens

Binance has reversed its decision to delist several privacy tokens in Europe after modifying its operations to comply with local regulations.

In a comment received on June 26, the cryptocurrency exchange Binance stated that:

“After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.“

As an exchange registered in multiple European Union jurisdictions, it is “obligated” to comply with local regulations requiring businesses to “be able to monitor transactions for coins listed on our platform.”

Initially, Binance was to delist privacy tokens for users in France, Italy, Spain, and Poland on June 26, preventing them from buying or selling 12 privacy tokens.

Decred (DCR), Dash, Zcash, Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), Monero, and MobileCoin (MOB) were to be among the coins affected by the decision.

Since the decision was reversed, however, numerous initiatives have been taken on Twitter to reassure community members.

The Secret Network also updated that Binance will not delist its cryptocurrency.

The EU has been refining its standards for digital assets as part of its new Markets in Crypto-Assets (MiCA) regulations, which became law on May 31.

EU policymakers seek to make Europe a hub for cryptocurrencies and digital assets by enacting clear regulations.

The European Securities and Markets Authority plans to commence a MiCA consultation process in July, with an 18-month implementation period stipulated by the laws’ framework.

Companies in the industry, such as Ripple, a provider of cryptocurrency payment services, have embraced the regulatory clarity provided by MiCA regulations.