Monero Delisting: Binance Announcement

Monero has experienced a significant drop in value following Binance’s announcement of its delisting from the platform, along with several other tokens.

The major cryptocurrency Monero, which focuses on protecting users’ anonymity, has dropped to levels not seen in several months as a result of Binance’s announcement that it will soon remove the coin from its platform.

According to an announcement made on February 6, 2024, the cryptocurrency exchange Binance will delist Monero along with other tokens like Aragon (ANT), Multichain (MULTI), and Vai (VAI) on February 20. As a consequence of the delisting, Binance will delete all four trading pairs that involve Monero.

This includes trading pairs that are against Bitcoin and Binance’s native coin. The notice states that trade orders will automatically be removed once trading ceases in each respective trading pair, and withdrawals of these tokens will not be supported after May 20, 2024.

The description of the news includes this information. Binance announced that users can convert delisted XMR into stablecoin after May 21, but the conversion is not guaranteed under any circumstances.

The company further stated that it will send an additional message before the conversion, if applicable and deposit the stablecoins into users’ Binance accounts after the conversion has occurred.

The decision to delist XMR is based on a number of different considerations, such as “contribution to a healthy and sustainable crypto ecosystem,” “evidence of unethical or fraudulent conduct or negligence,” and compliance with Binance’s periodic due diligence requests, among other considerations.

Upon the announcement of Monero’s delisting, the token’s price plummeted rapidly. TradingView provided information that XMR’s value plummeted to $136 on Binance at 9:21 am UTC, resulting in a loss of approximately 19% within a few hours.

Based on the statistics provided by TradingView, the price of Monero has had a tiny recovery since then, with XMR currently trading at $140.30 at the time of this writing. The price of monero has reached lows not witnessed since mid-September 2023. There are more exchanges than Binance that have delisted Monero.

Last but not least, the cryptocurrency exchange OKX announced in late 2023 that it would delist Monero and another coin with a focus on privacy on January 5, 2024.

In addition, Binance had earlier indicated that it intended to delist all privacy tokens in particular countries, such as France and Italy, in the month of May 2023; however, the company ultimately changed its mind in June 2023. A few critics on the internet have expressed their belief that the delisting may also be detrimental to Binance.

Cryptocurrency trader John Brown, in a post published on X, believes that the delisting not only brings unfortunate consequences for Monero but also signifies the gradual decline of Binance.

In spite of the fact that Changpeng Zhao, the former CEO of Binance, entered a guilty plea in a court in the United States for violating anti-money laundering and sanctions laws in late 2023, the exchange has continued to come under fire from regulators all over the world.

Before the end of January, regulators prohibited Binance US from conducting business in the states of Florida and Alaska. The United States of America has scheduled Zhao to receive a sentence on February 23, 2024, with a maximum prison term of eighteen months. Zhao was unable to obtain permission to travel to his residence in the United Arab Emirates.