Binance announced today that it will be delisting a number of cryptocurrencies later this month. The exchange didn’t provide the exact reasoning but gave pretty good pointers as to why that may be.
According to the announcement from today, Binance will be delisting four different cryptocurrencies on February 20th. These are:
The prices took a beating following the announcement. Monero, for example, is down a considerable 17% as its valuation fell off a cliff once the exchange made the revelation.
XMR is one of the oldest and most popular altcoins in the industry, and the decision to delist it might come as a surprise to some. However, it’s worth noting that its main use case is pointed at anonymity, which is something that major platforms have been starting to stray away from as governments around the world start to develop rigorous KYC and AML policies aimed at crypto trading.
Recall that Binance was recently involved in a massive lawsuit against the United States Securities and Exchange Commission. The exchange agreed to pay a massive settlement upward of $4 billion and has since started to alter its policies and approach. Its new CEO even said that they plan to turn Binance into a company that’s aligned with traditional financial regulations.
That said, the reason for the delisting of Monero and the rest of the coins wasn’t explicitly outlined. The announcement gives a few possible factors that the exchange considers but doesn’t point to anything specifically.
On a completely unrelated but still interesting note, we just released our newest video. If you want to find out the secret for the SEC to approve an Ethereum ETF, take a look:
