Cryptocurrency exchange giant Binance announced on February 6 that it would be delisting several cryptos from its platform, including Monero. Following this announcement, the value of the Monero token (XMR) collapsed by 30%, reaching its lowest level since June 2022!
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Binance says bye to Monero (XMR)
It’s a real earthquake that’s shaking the crypto world. Binance has announced the upcoming withdrawal of several cryptos, including Monero (XMR). The news caused panic: in just a few hours, the value of the token Monero collapsed by 30%. Monero fell to $104, its lowest level since June 2022. It has since recovered slightly to $128.
Holders of Monero on Binance will still be able to convert their assets into stablecoins until May 20, 2024. After this date, Binance will no longer provide conversion services. In addition to the Monero, Binance has also announced the withdrawal of three other cryptos: Aragon (ANT), Multichain (MULTI) and Vai (VAI).
While Binance emphasizes its desire to clean up the sector, the timing of this surprise announcement raises questions. It comes just a few weeks after the legal setbacks in the United States of Changpeng Zhao, the former boss of the first exchange.
Freshly charged with money laundering and forced to pay a record fine of 4.5 billion, CZ is trying to clean the house to restore the tarnished image of Binance. This is certainly the opinion of John Brown, a famous trader, for whom “this withdrawal marks the slow demise of Binance”.. Indeed, the regulator pressure is reaching a fever pitch across the Atlantic, Binance is indeed now banned in Florida and Alaska.
A controversial crypto!
Monero has a sulfurous reputation. It is one of the anonymous cryptos used to hide all traces of transactions, and has often been denounced for its massive use for illicit purposes, particularly on the darkweb. In January, Binance reported it as a “risky” crypto.
As a reminder, Binance regularly carries out drastic reviews of the assets referenced on its platform, in the name of regulatory compliance. Volume, liquidity, security… if a crypto no longer meets these strict criteria, the penalty is immediate: outright delisting.
But Binance is not the first to distance itself from Monero. OKX also decided to remove it from its list at the beginning of 2024. However, the withdrawal of these two leaders sounds the death knell for one of the world’s leading crypto-stars, with a market capitalization of over 2 billion.
The shockwave is worrying even Monero’s most fervent supporters. Will the behemoths Coinbase and Crypto.com also turn their backs on the charred crypto? It’s hard to imagine a bright future for Monero, now that it’s outlawed…
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.