Binance, the largest cryptocurrency exchange, recently announced its decision to remove Monero (XMR), one of the most renowned anonymous cryptocurrencies, from its platform. The news of this delisting appeared on Binance's website, triggering a sharp decline in Monero's value by over 16%. Currently, Monero is trading at $140.
According to representatives from Binance, the decision to delist Monero stems from the cryptocurrency no longer meeting the exchange's standards for listed digital assets. Binance periodically evaluates listed cryptocurrencies to ensure they uphold their high standards. If a coin fails to meet these standards or if there are industry changes, Binance conducts a thorough review, which may result in delisting. This was the response given by the Binance team when questioned about the reasons behind Monero's delisting.
Some members of the cryptocurrency community speculate that the actual reason for Monero's delisting is Binance's reluctance to engage with anonymous cryptocurrencies, which might conflict with government interests. Regulatory authorities in the US and other countries have raised numerous concerns about Binance. Thus, the move away from anonymous cryptocurrencies could be Binance's response to regulatory pressures.
The delisting of Monero from Binance has undoubtedly impacted its value negatively. However, this decision also raises questions about the exchange's autonomy. Some, like John Brown, a prominent trader in the crypto community, interpret this move as a sign of Binance's declining independence. Brown suggests that Binance has become too compliant, unable to make independent decisions about which assets to work with.
Monero, launched in 2014, prioritizes user anonymity through various tools, including ring signature technology. Despite its delisting from Binance, Monero remains actively traded on other popular exchanges like KuCoin, Gate.io, and Kraken. Notably, Binance accounted for the largest trading volume of Monero, according to CoinMarketCap.
In addition to Monero, Binance also plans to delist Aragon (ANT), Multichain (MULTI), and Vai (VAI) coins. The delisting is scheduled for February 20, 2024. Consequently, trading pairs such as ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT will be removed from Binance. Binance urges its users to withdraw their Monero, Aragon, Multichain, and Vai holdings from their accounts before the specified date.