Monero (XMR) Faces Decline as Binance Prepares to Delist Privacy Coins in Belgium

The news of Binance's intention to delist privacy coins such as Monero (XMR), MobileCoin (MOB), Firo (FIRO), and Horizen (ZEN) from its Belgian platform emerged at the beginning of September. This decision is primarily driven by increased regulatory pressure in Belgium and the need to comply with European Union regulations.

Since the Binance team announced their plan to delist XMR on September 21st, the price of Monero has gradually declined. Investors and traders have reacted to this decision by reducing their exposure to Monero, which has contributed to the coin's falling value.

Binance has attributed the prohibition of spot trading and the subsequent decline in the value of privacy-focused assets to their vulnerability to changes in the regulatory policies of European Union countries. While the use of privacy features in these digital coins is legal, heightened concerns among regulatory authorities about their potential use in criminal activities have led to increased scrutiny.

It's worth noting that Binance previously claimed to have found a way to continue serving clients in countries where its activities are prohibited. The platform proposed redirecting users from these regions to services operating in other jurisdictions.