Binance to Delist Monero (XRM): The Coin Fell by 40%
The leading privacy-focused cryptocurrency by market capitalization, Monero, has plummeted 40% in the past 24 hours after Binance announced the coin's delisting.
On February 20, Binance will delist XRM trading pairs with BTC, ETH and USDT. According to the exchange's representatives, the move was made based on the latest review that the company conducts periodically to ensure that the assets on its platform continue to meet established standards. Earlier, another major exchange, OKX, also delisted XRM along with other anonymity-focused coins, Zcash and Dash.
Factors for non-compliance with Binance's listing rules can include unethical or fraudulent behavior, insufficient public communication, or contributions to a sustainable crypto ecosystem, among others. Binance warned that any deposits after the Feb. 20 delisting will not be credited to users' accounts. But withdrawals will be supported until May 20.
Binance's decision had a negative impact on XRM's pricing. The coin reacted with an immediate 40% drop from $166.45 to a low of $101 in the last 24 hours. However, the token recovered half of its losses during the day. At the time of writing, XRM is trading at $123.
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From the technical point of view, it is too early to talk about fast price recovery. Bearish mood prevails on the XRM market. Selling pressure continues. This is indicated by the positions of RSI and commodity channel indexes and momentum indicator. In addition, all timeframes are also in the bearish area.
This is not a one hundred percent statement. The cryptocurrency market is very volatile. Do your own research before investing.
Meanwhile, the Monero community and developers immediately reacted to the news of the delisting, emphasizing their commitment to anonymity. On their X, the team said that they will never compromise on privacy.
Monero will never compromise on privacy.
— Monero (XMR) (@monero) February 6, 2024
You can trade Monero on other exchanges, on DEXs, and with atomic swaps. Please self-custody your XMR. https://t.co/Uba3GwZMRW
The Monero blockchain is intentionally designed to be non-transparent, making transaction details, such as the identity of senders and receivers, as well as the amount of each transaction, anonymous by masking the addresses used by participants. This approach is therefore not particularly welcomed by regulators, as the coin could be used by unscrupulous market participants. Recently, many large centralized exchanges such as Coinbase and OKX, as well as national governments, have banned the use of XRM. However, the Monero team encourages holders to trade the coin on decentralized platforms.
It is worth noting that in late January, Finnish authorities still managed to bypass Monero's anonymity and track down the criminals. The Finland National Bureau of Investigation tracked Monero transactions as part of a criminal investigation of two suspects accused of hacking into the database of a private psychiatric firm and demanding a ransom in cryptocurrencies.
