Binance to delist Monero after previously adding 'monitoring tag;' XMR drops 15%
Quick Take
- XMR has declined by more than 15% on the news that Binance will delist the privacy coin.
Binance will delist the well-known privacy coin Monero on Feb. 20 — alongside Aragon, Multichain and Vai.
"At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect," the crypto exchange wrote in an official announcement. "When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users."
The price of Monero's native coin, XMR, has fallen by more than 15% on the news of the delisting.
The price of Monero dropped significantly on the news that Binance is delisting it. Source: The Block
The exact Monero trading pairs being removed are against bitcoin, ether and tether.
The delisting may not come as a surprise. In early January, Binance placed "monitoring tags" on Monero and a slew of other coins and tokens. Rival exchange OKX also delisted Monero, alongside privacy-focused coins Zcash and Dash, in January.
Exchanges have been facing increasing regulatory pressure to delist privacy coins over the last few years, which has led to some coins removing their privacy features to stay put.
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