Hideo Nakamura Several reports have confirmed that Binance, the cryptocurrency exchange with the largest trade volume, will discontinue offering 12 privacy-oriented cryptocurrencies in its markets in Spain, France, Poland, and Italy. Starting from June 26, 2023, residents of these countries will no longer be able to buy or trade these privacy coins on Binance’s platform.
Binance recently announced via email to its users in these countries its intention to delist 12 unique privacy coins from their markets. The list includes dash (DASH), verge (XVG), beam (BEAM), monero (XMR), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB).
Binance, in its email to French customers, explained that due to local regulatory demands, they are forced to stop providing privacy-centric cryptocurrencies in France. Starting June 26, 2023, French residents won’t be able to trade specific privacy coins on their platform.
On Wednesday, the value of the leading privacy coins dropped by 3.2% against the U.S. dollar. The collective market capitalization of all privacy coins currently stands around $5.73 billion, with Monero (XMR) leading the pack. Although XMR lost 2.4% today, and DASH, the second-largest privacy coin by market capitalization, dropped by 3.5%, the top five privacy coins have still shown positive performance based on seven-day statistics.
Privacy coins have faced delisting due to regulatory issues multiple times in the past. In 2021, several significant cryptocurrency exchanges in South Korea chose to delist a number of the leading privacy coins. This trend was initially seen in Japan in 2018, and gradually spread to various other Asian countries by 2019. Binance’s recent announcement about the delisting of privacy tokens follows its withdrawal from the Canadian market and problems with a local payment provider in Australia.
We invite your opinions on Binance’s decision to delist privacy coins in Spain, France, Poland, and Italy. Please share your thoughts on this matter in the comments section below.
