In a surprising move, major crypto exchange Binance delists Monero (XMR), causing a significant price drop in trading volume. Critics argue that Binance is yielding to regulatory pressure.
Monero will never compromise on privacy.
— Monero (XMR) (@monero) February 6, 2024
You can trade Monero on other exchanges, on DEXs, and with atomic swaps. Please self-custody your XMR. https://t.co/Uba3GwZMRW
Amid backlash on Crypto Twitter, Monero reassures users about privacy. Binance's requirement for transparent addresses leads to the delisting of Monero, which uses stealth addresses.
Binance's Controversial Approach
Despite customer support's copy/paste responses to concerns, the move sparks rumors of regulatory compliance. Binance's high-level standards face scrutiny after the resignation of Changpeng Zhao in 2023 and a settlement agreement subjecting it to five years of intense regulatory monitoring.