The largest crypto exchange Binance has decided to delist one of the most famous anonymous cryptocurrencies – Monero (XRM). Information about this appeared on the website of the trading platform.
Delisting of Monero (XMR)
Binance has announced the delisting of four digital currencies, including Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT). The decision to remove these tokens from the platform comes as part of THE exchange’s periodic review process. Multichain, Vai, and Aragon, while not as widely recognized as Monero, have also failed to meet the standards in terms of development activity, trading volume, and network stability. The decision of these tokens underscores the crypto exchange’s commitment to maintaining a trustworthy trading environment for its users. Keyur Rohit posted on X (formerly twitter) about this massive news today.
🚨 BREAKING: #Binance announced they will delist Monero $XMR 😳 pic.twitter.com/NeVoQu4ZQg
— Keyur Rohit (@CryptoKingKeyur) February 6, 2024
According to the latest announcement, the delisting process is scheduled to take effect on February 20, 2024, at 03:00 a.m. UTC. Following this, all trading pairs associated with these tokens, including ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT, will cease to be available for trading. Additionally, deposits of these tokens will not be credited to user accounts after February 21, 2024. Moreover, withdrawals for these tokens will not be supported after May 20, 2024.
Binance Explains the Delisting of Monero (XRM)
According to Binance representatives, Monero no longer meets the standards that the crypto exchange requires for cryptocurrencies in its listing. “At Binance, we periodically review listed digital assets to ensure they continue to meet our high standards. When a coin or token no longer meets standards or there are changes in the industry, we conduct a deep review that may lead to a decision to delist the asset,” this is how the Binance team responded to a user’s question about the reasons for delisting Monero.
Members of the crypto community have suggested that the real reason for the delisting of Monero is Binance’s reluctance to interact with anonymous cryptocurrencies that are contrary to the government’s interests. Regulatory authorities in the US and other countries have many complaints about the crypto exchange. The move away from anonymous cryptocurrencies could be Binance’s response to regulatory pressure.
In addition to Monero, the Binance team will also delist Aragon (ANT), Multichain (MULTI) and Vai (VAI) coins. Cryptocurrencies will be delisted on February 20, 2024. Along with them, trading pairs ANT/ BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH and XMR/USDT will disappear from Binance. The crypto exchange team asks users to withdraw Monero, Aragon, Multichain, and Vai from their accounts before February 20th.
Implications Of Delisting
In response to the delisting announcement, users are advised to close any open positions and withdraw their assets in the above-mentioned trading pairs. In addition, they are advised to manage any associated products such as Simple Earn, Auto-Invest, Loans, Margin, Futures, Convert, Gift Cards, Pay, and Trading Bots before the stipulated deadlines to avoid any potential losses. Monero is traded on many other popular exchanges, including KuCoin, Gate.io, and Kraken. However, the largest trading volume was recorded on Binance.
