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Binance announced today that it will delist a number of cryptocurrencies later this month. The exchange didn't provide the exact reasoning, but gave some very good indications as to why this might be the case.
According to announcement Starting today, Binance will delist four different cryptocurrencies on February 20. These are:
- Aragon (ANT)
- Multichain (MULTI)
- Vaï (VAI)
- Monero (XMR)
Prices took a hit following the announcement. Monero, for example, is down a whopping 17% as its valuation collapsed once the exchange made the reveal.
XMR is one of the oldest and most popular altcoins in the industry, and the decision to delist it might surprise some. However, it is worth noting that its primary use case is for anonymity, something major platforms are starting to move away from as governments around the world begin to develop rigorous KYC and AML policies aimed at trading cryptocurrencies.
Recall that Binance was recently involved in a massive lawsuit against the United States Securities and Exchange Commission. The exchange agreed to pay a massive settlement of more than $4 billion and has since begun changing its policies and approach. Its new CEO even said he plans to make Binance a company aligned with traditional financial regulations.
That said, the reason for delisting Monero and the rest of the coins has not been explicitly explained. The announcement gives some possible factors that the exchange takes into account, but does not state anything specific.
On a completely unrelated but nonetheless interesting note, we just released our new video. If you want to learn the secret to how the SEC approves an Ethereum ETF, take a look:
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