Binance announced today that it will delist a number of its cryptocurrencies later this month. Although the exact reason was not given in this exchange, we did get a pretty good hint as to why.
According to today’s announcement, Binance will delist four different cryptocurrencies on February 20th. these are:
- Aragon (ANT)
- Multi-chain (MULTI)
- Monero (XMR)
Following this announcement, prices skyrocketed. For example, Monero fell by a significant 17% after the exchange disclosed this fact as its valuation fell off a cliff.
XMR is one of the oldest and most popular altcoins in the industry, and the decision to delist may come as a surprise to some. However, it is worth noting that its main use case is oriented toward anonymity. As governments around the world begin to develop strict KYC and AML policies for crypto trading, major platforms are starting to move away from anonymity.
Recall that Binance was recently embroiled in a major lawsuit against the U.S. Securities and Exchange Commission. The exchange agreed to pay a hefty settlement of more than $4 billion and has since begun changing its policies and approach. The new CEO even said he plans to transform Binance into a company that aligns with traditional financial regulations.
However, the reason for the delisting of Monero and the remaining coins was not clearly explained. The announcement lays out some possible factors for exchanges to consider, but does not provide any specifics.
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