Binance, a prominent cryptocurrency exchange, has recently announced the addition of three major privacy-focused coins to its monitoring list due to concerns about volatility and regulation. The coins in question are Monero (XMR), Zcash (ZEC), and Firo (FIRO), which join seven other coins under review for potential delisting.
These coins have been given a “monitoring tag” by Binance and will undergo risk evaluations every 90 days to remain tradeable. This is part of the regular checks that cryptocurrency projects must pass to continue meeting criteria such as team commitment, trading volume, on-chain security, and liquidity.
Binance has warned that any tokens that fail to meet these listing requirements may be delisted. This follows similar actions by other exchanges, such as OKX and Huobi, which have also delisted several privacy coins.
Privacy coins like Monero and Zcash use advanced cryptographic techniques to hide transaction details and participant identities, enabling private, untraceable payments and savings. However, the anonymity these coins provide has raised regulatory concerns about potential misuse for illegal activities such as money laundering and ransomware.
Despite the advocacy from privacy coin creators for individual financial sovereignty and human rights, delistings by major exchanges could significantly impact their accessibility. Monero and Zcash, launched in 2014 and 2016 respectively, have seen extensive global exchange listings and usage. However, tightened regulations may continue to threaten their presence on permitted trading platforms.
Other coins listed under Binance’s new monitoring tag include Aragon (ANT), Keep3rV1 (KP3R), Mdex (MDX), MobileCoin (MOB), Reef (REEF), Vai (VAI), and Horizen (ZEN). Notably, Horizen has ceased to operate as a privacy coin following its developer’s decision to remove all privacy features at the consensus level.
Following Binance’s announcement, FIRO’s price declined by -21.3% over the next 48 hours, while XMR was up +5.3% for the first 24 hours and then down -3.1% 24 hours later. ZEC also saw a decrease of -6.9% over the same period. Overall, the privacy coins sector has seen a decrease of -4.5% in the past 24 hours and -11.6% over the past week.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | Huobi, OKX, Binance, European Banking Authority, CoinGecko |
| Currencies | Zcash, Aragon, Bitcoin, Vaiot, Horizen, mobilecoin, Firo, Keep3rV1, Monero, Mdex, Reef |
| Securities | None |
