Binance ceases trading privacy coins in compliance with MICA regulations
In May, Binance sent emails to customers in France, Italy, Spain, and Poland, notifying them that they would cease providing trading services for twelve privacy coins. Major privacy coins like Monero, Dash, and Zcash were affected. Less well-known tokens, including XVG and SCRT, were also delisted.
This decision is in compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA), which applies regulations on the crypto asset market.
Binance’s decision to end support for privacy coins marks the latest blow to enthusiasts of these cryptocurrencies in the European Union. Previously, major exchanges including Kraken, Huobi, and Bittrex have delisted coins such as Monero and Dash.
Seven cryptocurrencies have been removed from the delisting list
Along with XVG and SCRT, Decred (DCR), Navcoin (NAV), Zcash (ZEC), Dash (DASH), and PIVX will continue to be listed on the exchange.
Anonymous Trading & Privacy Data
With Binance reevaluating compliance risks of the seven privacy coins, important questions have emerged. Specifically, what led Binance to change its decision? And why are certain privacy coins accepted while others are not?
The answer may be that they simply categorize them as pure privacy coins, such as Monero (XMR) as an example. Meanwhile, the affected tokens are offering various other use cases.
From this perspective, Binance’s latest decision brings a ray of hope for the technology. Despite state surveillance, privacy advocates argue that such tokens help ensure financial freedom.
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