Binance’s initial plan to delist specific privacy coins in certain EU countries has been reversed as the company made modifications to ensure compliance with regional regulatory requirements.
The exchange has announced that it will reverse its initial plan to temporarily suspend trading of privacy tokens in Spain, France, Italy, and Poland, following community feedback and engagement in various projects.
Earlier, Binance had informed European users via email that they would cease offering 12 privacy-focused tokens starting from June 26th.
However, seven tokens, including Decred (DCR), Dash (DASH), Zcash (ZEC), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), and Verge (XVG), will not be affected by this action.
A Binance spokesperson commented on the decision to the media as follows:
“After carefully reviewing the feedback from our community and various projects, we have made revisions to how we classify privacy coins on our platform to comply with regulatory requirements across the EU.”
According to the official magazine of the EU, new breakthrough regulations on cryptocurrencies will come into effect on June 29th. This requires crypto companies to comply with its regulations before that date.
The second version of this regulation may address topics such as DeFi, NFTs, lending, and gambling, among other topics not covered in the previous version of the Markets in Crypto-Assets Regulation (MiCA).
Previously, cryptocurrency exchanges such as Kraken, Bittrex, and Huobi delisted popular privacy coins such as Dash and Monero.