Binance Reverses Privacy Coin Delisting In Europe
In response to feedback from its community and in order to comply with EU-wide regulatory requirements, Binance has reversed its decision to delist several privacy coins in Europe. The cryptocurrency exchange, operating as an exchange registered in various European Union jurisdictions, stated that it is obliged to follow local regulations that mandate exchanges to monitor transactions for listed coins.
Binance has decided to reverse its plan to delist a number of privacy coins in Europe. Cointelegraph reported.
Binance announced to delist privacy tokens in France, Italy, Spain and Poland before, including: DCR DASH ZEC ZEN PIVX NAV SCRT XVG FIRO BEAM XMR and MOB.
It is…
— Wu Blockchain (@WuBlockchain) June 26, 2023
Binance Retracts Delisting Plan
Initially, Binance had planned to delist 12 privacy tokens, including Decred (DCR), Dash, Zcash, Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), Monero, and MobileCoin (MOB) for users in France, Italy, Spain, and Poland starting from June 26. However, the decision has now been retracted.
Following Binance’s reversal, various projects affected by the original decision have taken to Twitter to reassure their community members. Verge Currency and the Secret Network both confirmed that they will not be delisted.
We are pleased to inform you that $XVG will remain unaffected by @binance's trading restrictions on #privacy coins in certain EU countries.
Verge utilizes a public #blockchain with visible transactions, amounts, and wallet addresses. #vergefam #crypto #ISO20022
— VergeCurrency (XVG) (@vergecurrency) June 22, 2023
EU’s MiCA Regulations
This change in Binance’s plan comes as the European Union has been developing its regulatory framework for digital assets, including cryptocurrencies, with the introduction of the Markets in Crypto-Assets (MiCA) regulations, signed into law on May 31. The EU aims to establish clear regulations to position Europe as a hub for crypto and digital assets. In July, the European Securities and Markets Authority plans to initiate a consultation process for MiCA, allowing an 18-month timeline for the regulations to take full effect.
The MiCA regulations have provided regulatory clarity, which has been welcomed by companies in the industry such as Ripple, a cryptocurrency payments service provider. The regulations aim to create a standardized and transparent environment for digital assets within the EU. By revising its operations and adhering to local regulations, Binance seeks to ensure compliance while maintaining a platform that meets the needs of its European user base. The decision to reverse the delisting of privacy coins reflects Binance’s commitment to navigating the evolving regulatory landscape and addressing the concerns of its community.
