Binance has changed its mind about delisting Dash, Zcash and other anonymous coins
Date: 2023-06-25 Author: Karina Ziganova Categories: BUSINESS
After announcing the end of support for a number of anonymous cryptocurrencies in several EU countries, Binance seems to have backed down. According to developers Verge (XVG) and Secret (SCRT), seven privacy-focused projects have been rescued from Monday's scheduled delisting.
Seven tokens saved from delisting
Binance's decision was influenced by the adoption of MiCA
In May, Binance sent out an email to customers in France, Italy, Spain, and Poland. The report said that the company is ceasing to offer trading services for twelve cryptocurrencies that allow anonymous transactions. The restrictions affected Monero, Dash, Zcash and lesser-known tokens, including XVG and SCRT.
The decision follows the adoption by the European Union of the Regulation on Markets in Crypto Assets. MiCA requires cryptocurrency trading service providers to collect certain information about the sender and recipient of transfers, which contradicts the main idea of anonymous coins such as Monero - after all, their main goal is precisely to ensure the confidentiality of transactions.
The decision follows the adoption by the European Union of the Regulation on Markets in Crypto Assets. MiCA requires cryptocurrency trading service providers to collect certain information about the sender and recipient of transfers, which contradicts the main idea of anonymous coins such as Monero - after all, their main goal is precisely to ensure the confidentiality of transactions.
Binance's decision was the latest blow to European proponents of privacy-focused tokens. Previously, Monero and Dash were delisted from major exchanges, including Kraken, Huobi and Bittrex. However, in the UAE, Japan and South Korea, the situation is even worse - the governments of these countries have imposed a complete ban on anonymous coins.
Seven tokens saved from delisting
Initially, Binance said it would stop trading all affected tokens from June 26. However, on Thursday, the Verge team said that the XVG token will retain its place in the listing. A day after that, representatives of the Secret Network tweeted that Changpeng Zhao's crypto exchange would continue to support SCRT. Decred (DCR), Navcoin (NAV), Zcash (ZEC), Dash (DASH), and Pivx (PIVX) will reportedly also remain available to Binance's European customers.
Anonymous coins, which protect users' transactions from surveillance and provide a high level of privacy, are often criticized for potentially facilitating money laundering and terrorist financing. This creates a difficult situation for regulators and governments that are trying to strike a balance between protecting privacy and preventing violations of the law
And while Binance's decision has led members of the crypto community to question why some anonymous coins comply with MiCA rules and others do not, it still gives hope to projects aimed at increasing privacy and ensuring financial freedom.
