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Go to Alpha ReportsUPDATE:Binance initially declared that it would halt trading services for privacy-focused cryptocurrencies like Monero, Dash, and Zcash in several European nations, including France, Italy, Spain, and Poland. A dozen different cryptocurrencies were planned to be unavailable on the Binance platform in these regions starting June 26.
Since then, however, Binance reported a revision in its policy on privacy coins. Seven cryptocurrencies, namely Decred (DCR), Secret (SCRT), Verge (XVG), Navcoin (NAV), Zcash (ZEC), Dash (DASH) and PIVX, will stay listed on these platforms.
"We're grateful to anyone in the Secret community who reached out to Binance, and to Binance for re-listing SCRT in the affected European countries," Secret Network co-founder Guy Zyskind toldDecrypt. He added that he believes that the decision came after Binance "understood that SCRT is not a privacy coin, but rather a smart contracts platform that allows you to store and process sensitive data on-chain."
ORIGINAL: Crypto exchange Binance will cease offering trading services for privacy coins like Monero, Dash, and Zcash to its customers in France, Italy, Spain, and Poland.
In total, a dozen different coins will no longer be available on the platform in these countries starting from June 26.
The full list of tokens that will stop trading: Decred (DCR), Dash (DASH), Monero (XMR), Zcash (ZEC), Horizon (ZEN), PIVX, Navcoin (NAV), Secret (SCRT), Firo (FIRO), BEAM, MobileCoin (MOB), and Verge (XVG).
“Secret is not in fact a privacy coin. We reached out to Binance to clarify this. Secret’s transactions are public, it’s data in smart contracts that remain confidential,” Co-founder and CEO of Secret Labs Guy Zyskind told Decrypt. “In fact, Secret is much more appropriate for GDPR-type applications in the blockchain setting.”
This action has been triggered by regulatory requirements, aiming to adhere to the law in these countries, Binance told Decrypt.
“As part of Binance’s ongoing compliance processes, we have reached out to affected users, to notify them that they will no longer be able to purchase or trade privacy tokens on our platform," a spokesperson said.
The move comes at a time when the European Union is pushing ahead with its landmark Markets in Crypto Assets (MiCA) regulatory framework. Specifically, MiCA would prevent exchanges from supporting privacy coins unless coin holders' identities have been verified.
This is part of a broader proposal aimed at banning large cash transactions and establishing a new anti-money laundering agency within the bloc.
Privacy coins, which shield user transactions from surveillance and provide a level of anonymity that appeals to many, have also attracted criticism for potentially facilitating illegal activities such as money laundering and terrorism financing.
This creates a complex situation for regulators and governments trying to balance protecting user privacy with preventing illicit transactions.
EU legislators, led by officials from the Czech Republic, are currently reviewing a draft of a money laundering bill. The bill suggests that crypto asset service providers, as well as financial and credit institutions, should be prohibited from using coins that offer privacy.
Should it pass, the bill could significantly undermine the use of privacy coins, which have gained popularity in the face of strict regulatory laws.
Editor's note: This story was updated after publication with new information.
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FAQs
Binance is set to delist privacy coins in France, Italy, Poland and Spain. The measure comes into effect on June 26 and will impact 12 privacy coins including Decred, Dash, Zcash, Horizen, PIVX, Navcoin, Secret, Verge, Firo, Beam, Monero and MobileCoin.
Did Binance remove privacy coins? ›
The crypto exchange will stop listing the token along with Aragon, Multichain and Vai as of Feb. 20. Monero (XMR) slumped about 30% Tuesday to a 20-month low after crypto exchange Binance said it will stop listing the privacy token as of Feb. 20.
What privacy coins are being delisted? ›
OKX, a major cryptocurrency exchange, announced its decision to delist 20 spot trading pairs in the new year. Among the tokens listed are several privacy-focused cryptocurrencies, including the three largest: Monero (XMR), Zcash (ZEC), and Dash (DASH).
What will happen to delisted coins in Binance? ›
When a coin gets delisted from an exchange, you have three options: transfer the coins to another exchange, hold the coins, or sell the coins.
Is it safe to keep my coins on Binance? ›
It offers two-factor authentication (2FA) to verify logins, a real-time monitoring system to detect suspicious wallet activity, security notifications through email, and many other advanced security features. So if you want a safe place to store cryptocurrency, Binance is one of your best bets.
What are the benefits of privacy coins? ›
In an age where online transactions can be easily tracked and personal financial information is at risk of exposure, privacy coins offer an alternative. They leverage advanced cryptographic techniques to shield transaction details, such as the identity of the users and the amounts transferred, from public view.
Do you lose your money if a coin is delisted? ›
After delisting, the company now trades over the counter (OTC), meaning through a dealer network. The investors do not lose their money instantly; but instead, they start deserting these assets. This deserting leads to a collapse in the market value of the assets.
How do I withdraw coins from delisted? ›
The process involves creating accounts on both exchanges, checking coin support, generating a deposit address, initiating a withdrawal, and confirming the transaction. However, you may need to pay a withdrawal fee to transfer the coins from the delisted exchange to another exchange.
Are delisted shares worth anything? ›
Though delisting does not affect your ownership, shares may not hold any value post-delisting. Thus, if any of the stocks that you own get delisted, it is better to sell your shares. You can either exit the market or sell it to the company when it announces buyback.
Can delisted coins be listed again? ›
An asset can no longer be purchased or sold on an exchange after it has been delisted. A delisting is typically permanent, but a project's asset might get relisted in exceptional circ*mstances. If a business is purchased or becomes private, it may be delisted voluntarily.
The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. Binance is not responsible for any losses you may incur.
What coins are delisted in Binance 2024? ›
Binance announces delisting of OMG, WAVES, WNXM, XEM from June 17, 2024. In a recent move to ensure high standards and industry compliance, Binance, one of the largest cryptocurrency exchanges, has announced the delisting of several tokens.
What country uses Binance the most? ›
binance.com Website Traffic by Country
See the global distribution of visitors to your competitor's website and start tapping into overlooked markets. Binance.com's core audience is located in Turkey followed by Kenya, and India.
Why did Canada ban Binance? ›
Although Binance had reportedly filed a new preregistration undertaking, it explained in a tweet: “Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”
Is it true that Binance has been banned? ›
On February 22, Onanuga confirmed that the government had ordered telecommunications companies and other internet service providers to block access to crypto trading platforms including Binance.
Why are coins suspended on Binance? ›
When a coin is suspended from trading on Binance, it implies that all trading activities, including buying, selling, and withdrawals, for that specific cryptocurrency are temporarily halted. Reasons for suspension vary and might involve ongoing investigations, security concerns, or regulatory compliance issues.
Is Binance coin banned in the US? ›
In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened Binance.US, a separate exchange designed to comply with all applicable US federal laws, which nonetheless is banned in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
Are privacy coins really private? ›
Privacy coins are unique cryptocurrencies that allow a user to gain total anonymity when making blockchain transactions. The identity of users and the origins of their transactions are completely protected.
Did Binance remove Monero? ›
Here's when and why. In a surprising move, Binance, one of the leading cryptocurrency exchanges, has announced that it will remove four altcoins from its platform starting February 20th.
