Binance decides against delisting privacy coins from its platform in Europe (Italy, France, Spain, and Poland)

Binance has changed its operations to comply with local regulations and has decided to abandon its original plan to delist several privacy coins in Europe.

According to a statement from the cryptocurrency exchange that Binance received on June 26. Binance said:

“After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.“

It added that it is “obligated” to abide by local regulations requiring exchanges to “be able to monitor transactions for coins listed on our platform” because it operates as an exchange registered in several European Union jurisdictions.

For users in France, Italy, Spain, and Poland, Binance was initially going to delist 12 privacy tokens, making it impossible for them to buy or sell them starting on June 26.

Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), Monero (XMR), and MobileCoin (MOB) were among the coins impacted by the decision.

Nevertheless, since the decision was overturned, a number of projects have used Twitter to reassure the community. Verge Currency published an update on June 22:

We are happy to let you know that the trading limitations on #privacy coins imposed by @binance in some EU nations will not apply to $XVG. Verge makes use of a public blockchain where transactions, amounts, and wallet addresses are all readily available. VergeCurrency (XVG) (@vergecurrency), June 22, 2023. “#vergefam #crypto #ISO20022”

A new update from The Secret Network stated that it is one of the currencies that Binance will not delist.

Binance plans to use the United Arab Emirates as a “focal point” for its future business endeavors.

The EU has been establishing standards for digital assets with its new Markets in Crypto-Assets (MiCA) regulations, which were signed into law on May 31. Binance has made these decisions during this time.

EU policymakers want to turn Europe into a center for cryptocurrencies and digital assets by creating clear regulations. The European Securities and Markets Authority intends to begin a MiCA consultation process in July. The legal framework for the regulations allows for an 18-month implementation period.

Businesses in the sector, like cryptocurrency payments service provider Ripple, have praised the MiCA regulations’ regulatory clarity.

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