Binance will delist 4 cryptocurrencies, including Monero ($XMR)
Binance, the world's largest cryptocurrency exchange, announced yesterday (6th) that it would stop trading and delist four cryptocurrencies at 11 a.m. on February 20, Taiwan time. Although it is quite common for exchanges to list coins and delist them, the coins delisted by Binance this time include the top 40 cryptocurrencies by market capitalization, sparking discussion in the community.
The four currencies that will be delisted by Binance are: Monero ($XMR), Aragon ($ANT), Multichain ($MULTI) and Vai ($VAI). The total market value of $XMR is US$2.6 billion. Before being delisted, it was the 36th-ranked cryptocurrency (currently ranked 40th) and one of the giants in the field of privacy coins.
Binance explained in the announcement that they judge whether to make a delisting decision based on the following 8 factors:
Team commitment to the project
The level and quality of project advancement
Trading volume and liquidity
Network/Smart Contract Stability
Community maintenance
Respond proactively to Binance’s regular reviews
Unethical/fraudulent conduct
Contribution to the construction of the entire blockchain ecosystem
Binance stated:
"When a token no longer meets the listing standards or there are major industry changes, we will conduct an in-depth project review and may delist it. We believe that only in this way can users be protected to the greatest extent."
All 4 currencies have fallen, with $MULTI falling more than 40%
After the Binance announcement, each of the four currencies had different market reactions:
$ANT: After falling from a high of $5.952 to a low of $5.531, it quickly rebounded, climbing to around $6.023 this morning.
$MULTI: Slumped 41.28% from a high of $2.047 to a low of $1.202, and was quoted at $1.291 at the time of writing.
$VAI: It was down 5.61% at the time of the announcement and was quoted at $1.01 at the time of writing.
$XMR: Even with its market capitalization status, it is not immune to the impact. It fell from a high of $165.8 to $100.5, a cumulative drop of 39.385%, and was quoted at $116.6 at the time of writing.
Binance delists $XMR, netizens lament: What a pity
Monero ($XMR) was launched as early as 2014 and is a long-established cryptocurrency that focuses on security, privacy and decentralization. $XMR is based on the CryptoNote code and has made many major improvements in recent years, including the introduction of a ring signature mechanism, which can further improve security and privacy.
In the history of cryptocurrency development, $XMR is undoubtedly one of the pioneers in the privacy field. Now Binance has announced that it will delist $XMR, which has also caused heated discussions in the community.
One netizen said: "What a shame! $XMR is one of the best cryptocurrencies." When Binance issued an official reply, another netizen said:
“Can’t you just say it’s because the government hates privacy coins that they were forced to take them off the market? I mean, it’s not your fault.”
Source: X
"Crypto City" previously reported that Binance had put "monitoring labels" on 10 cryptocurrencies in early January, including $XMR, $VAI, $ANT, which were announced yesterday to be delisted, as well as some privacy coins $ZEC and $FIRO. wait.
At that time, Firo co-founder Reuben Yap told the media: “Due to increased regulatory pressure, including regulatory pressure from the EU encryption law MiCA, recent actions taken by US regulators, and compliance with the settlement agreement reached between Binance and the US Department of Justice, $ FIRO and other privacy coins have been labeled surveillance."
Plunge warning? Binance newly monitors "these 10 coins", and the worst may be delisting
