JAKARTA - Binance, one of the largest crypto exchanges in the world, has decided to remove (delisting) some coins from their trading lists. The main reason is that these coins do not meet quality standards or experience significant changes in the crypto industry.
One of the affected coins is Monero (XMR), a cryptocurrency that offers high privacy features. Monero allows users to make transactions without revealing their identity or number. This makes Monero a favorite for users who value anonymity and security.
However, this privacy feature also raises legal and regulatory issues. Monero is often associated with illegal activities, such as money laundering, drug trafficking, and ransomware payments. Several countries, such as Japan and South Korea, have banned Monero trading for this reason.
Launching Finbold, Binance announced that they will stop trading Monero on February 20, 2024. This means that users will not be able to buy or sell Monero on the Binance platform after that date. Binance will also remove all trade orders linked to Monero.
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In its official blog post, Binance describes the reasons behind this decision. Binance said that it always conducts periodic reviews of coins or tokens listed on their platform. The goal is to ensure that the coin or token meets high quality, safety and performance standards.
"When a coin or token no longer meets this standard, or when changes occur in the industry, we conduct a more in-depth review and possibly remove it. We believe that this is the best way to protect all of our users," Binance wrote.
This announcement had a negative impact on Monero's price. According to data from CoinGecko, Monero's price has fallen 17% in the last 24 hours, and is currently trading around 138 US dollars (IDR 2.2 million) per coin. With a market cap of around 2.6 billion US dollars (IDR 40.9 trillion), Monero is the largest asset removed from Binance's trading list.
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