Binance delists Monero (XMR)

Binance announces the delisting of twelve cryptocurrencies under French regulatory pressure. Monero is among them.

Binance France drops Monero

CZ’s exchange has contacted its French clients to deliver the news:

Due to local regulatory requirements, Binance is no longer able to offer privacy-enhanced cryptocurrencies in France.

Starting from June 26, 2023, users residing in France will no longer be able to buy or sell the [specific] privacy coins on our platform:

DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, WMR, MOB.

It is likely that other French exchanges, such as Coinhouse, will soon follow Binance’s lead.

The large number of Monero users in France is already expressing their discontent on Twitter. @Xalicrypto declares:

“I will continue to buy XMR, I will continue to accumulate it. Out of resistance, the vital need to say STOP, and deep conviction. This is not trading, it’s political.”

To which @DesOne_SN responds:

“Anyway, you shouldn’t buy your Moneros on Binance.”

Here’s what we recently wrote about Monero:

“Developers of Monero (XMR) are increasingly recognized for having built the most confidential network. With Monero, transaction addresses and amounts are hidden by default. Transactions are completely private.”

In contrast, it is possible to trace Bitcoin transactions associated with criminal activities. However, it is possible to obfuscate the trails using coinjoins, like those provided by Wasabi. The latter filters bitcoins linked to addresses on Chainalysis’ blacklist.

Monero is currently trading around 139 euros, experiencing a decline since Binance’s announcement.

Binance is under pressure. Recently, the major Australian bank (Westpac) decided not to allow its clients to invest on the exchange with 200 million users.