Binance Reverses Plans To Delist Specific Privacy Coins In Europe

Binance, the world’s largest cryptocurrency exchange, has reversed its decision to delist certain privacy coins in Europe.

After feedback from several projects and the community, Binance had earlier revised its operations to comply with EU regulations and delist several privacy coins.

Binance Goes Back On Initial Decision

The European Union’s new Markets in Crypto Assets (MiCA) regulations triggered the move to delist privacy coins in the European markets. These new regulations called for increased transparency and information sharing when it came to cryptocurrency transfers and transactions. Binance stated in a press release issued on the 26th of June,

“After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.”

It also added that because Binance conducts operations as an exchange registered in several European Union jurisdictions, the exchange is obliged to follow local regulations. These require them to monitor transactions for the coins that are listed on the platform. The exchange had previously announced that it was shuttering trading services of 12 privacy-focused tokens. These included several well-known coins such as Dash, Monero, and Zcash, along with lesser-known ones such as SCRT and XVG.

The move came in the face of growing regulatory pressure on the cryptocurrency ecosystem and would impact users based in France, Spain, Poland, and Italy. Delisting the tokens meant that users in these jurisdictions could not purchase these privacy tokens, dealing a significant blow to privacy coin enthusiasts. Binance had stated at the time,

“While we aim to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy coins to ensure we can continue to serve as many users as we can. “As part of Binance’s ongoing compliance processes, we have reached out to affected users to notify them that they will no longer be able to purchase or trade privacy tokens on our platform after the 26th of June.”

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Author: Amara Khatri

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