- Binance removes Monero from its platform because of a disagreement over privacy features, causing the price of XMR to drop by 32%.
- People in the community are upset on social media because they think Binance might give in to government rules.
- Users are upset with how Binance is handling the removal of Monero, even though Binance is trying to follow the rules.
Binance, a big cryptocurrency exchange, surprised everyone by saying they will stop trading Monero (XMR), a coin that focuses on privacy. Soon after Treasury Secretary Janet Yellen said there should be rules for cryptocurrency, a lot of people started talking and disagreeing about it.
Why companies get removed from the stock market and how it affects the market?
Monero is being removed from Binance because it doesn’t meet Binance’s rules for privacy. Monero uses stealth addresses to keep transactions private. However, Binance needs deposits to be transparent, so there is a conflict.
This problem caused Binance to take Monero off its list of supported cryptocurrencies. This made the price and trading of XMR decrease a lot.
After the news was shared, Monero told its users that it is still dedicated to keeping their information private and safe. However, the market reacted quickly and harshly, causing XMR to drop in value by 32%.
According to the most recent information from Coinmarketcap, Monero’s price is now less than $115, which is the lowest it has been since mid-September 2023.
Community anger and guessing
The removal of Monero from Binance has caused a lot of upset on social media, with many people expressing their disagreement with the decision. Lots of people see the move as giving in to rules and regulations, especially considering Binance’s past legal problems.
Changpeng Zhao, who used to be in charge of Binance, quit his job and admitted to breaking the law about moving illegal money and disobeying sanctions in the US in late 2023. Binance has to follow strict rules from US regulators for the next five years. They will be watched closely to make sure they are following the rules.
This situation has led people to wonder if Monero is being taken off the list to make regulators happy and avoid more investigating.
Binance answered customers’ worries
After people got upset about being removed from the list, the Binance Customer Support team has been talking to users and solving their problems. However, users are not happy with the company’s way of giving the same response to everyone. They want their specific questions to be answered properly.
Despite the problem with being taken off the list, Binance has not said anything more about their decision or what they will do to follow the rules in the future. The exchange is still working according to the rules it has to follow, but it’s being watched more closely and controlled more closely.
Warning: The information given is not advice for trading.
