Binance to remove Monero from its listing after previously adding a ‘monitoring tag;’ XMR experiences a 15% drop

Crypto News– Binance has announced its decision to delist Monero (XMR), a well-known privacy coin, along with Aragon, Multichain, and Vai, effective February 20th. The decision comes as part of Binance’s routine review process for listed digital assets to ensure they maintain the expected standards. In an official statement, the crypto exchange emphasized its commitment to protecting users by conducting thorough reviews and potential delistings when assets no longer meet these standards or if industry conditions change.

Binance to remove Monero from its listing after previously adding a ‘monitoring tag;’ XMR experiences a 15% drop

Following the announcement, the price of Monero’s native coin, XMR, plummeted by over 15%. Binance specified that the affected Monero trading pairs to be removed include those against bitcoin, ether, and tether.

The delisting of Monero doesn’t come entirely out of the blue. Earlier in January, Binance had placed “monitoring tags” on Monero and several other coins and tokens. Moreover, in January, rival exchange OKX also delisted Monero, along with other privacy-focused coins such as Zcash and Dash.

This move by exchanges reflects the growing regulatory pressure to delist privacy coins over the past few years. Consequently, some coins have opted to remove their privacy features to remain compliant and accessible on exchanges.