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Binance Reverses Decision: EU Privacy Coins Remain Listed

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Having announced that it would delist a dozen privacy coins in several EU nations, Binance appears to have backtracked.

According to developers behind the Verge (XVG) and Secret (SCRT) cryptocurrencies, seven privacy-focused tokens have been saved from a scheduled delisting on Monday.

Binance to End Privacy Coin Trading in Light of MiCA Regulation

Back in May, Binance sent an email to customers in France, Italy, Spain, and Poland. The message stated that it would cease offering trading services for twelve cryptocurrencies that enable anonymous transactions. Major privacy coins like Monero, Dash, and Zcash were affected. Less well-known tokens, including XVG and SCRT, were also set to be delisted.

The decision followed the European Union’s adoption of the Markets in Crypto Assets (MiCA) regulation.

Significantly, MiCA imposes the “travel rule” on crypto transactions. It, therefore, raises the prospect of firms that enable the trade of privacy coins falling foul of EU law.

The travel rule requires crypto-asset service providers to collect certain information about the sender and receiver of crypto transfers. However, this requirement runs counter to the basic ethos of privacy-enhancing coins like Monero. From the outset, enabling anonymous transactions was the main purpose of such tokens.

Binance’s decision to end support for such cryptocurrencies marks just the latest blow for advocates of privacy coins in Europe. Previously, major exchanges, including Kraken, Huobi, and Bittrex had already delisted the likes of Monero and Dash.

Elsewhere, authorities in places including Dubai, Japan, and South Korea have been more clear-cut about their crackdown on anonymity-enhancing crypto. There, governments have moved to ban privacy coins outright, explicitly outlawing their trade and issuance.

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Author: James Morales

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