- The globe’s leading cryptocurrency exchange, Binance, delisted Monero.
- Crypto traders on X are infuriated over on & off withdrawal availability.
- Untraceable blockchains face a survival dilemma amid legal scrutiny.
Initially announced on January 6, 2024, Binance’s bold move to remove four cryptocurrencies has sent ripples through the cryptosphere. Nearly two weeks after the surprising clean-up move by Binance, the veteran privacy coin Monero (XMR) is now fully eradicated from the platform’s trading services.
When the plans were made public, the popular privacy coin tumbled 33% in hours. However, as the process of elimination has been finalized today, the developments didn’t affect Monero’s price in the way most cryptocurrency traders expected.
XMR scooped up 11.1% gains on the last trading day, bouncing back from the weekly lows of $111 to $123 before facing a mild market correction to trade at $118.18 at the time of publication.
Outraged XMR Holders Suspect Manipulation
Several members of the Monero community had complained on X about the XMR withdrawal suspension before the deadline expired. Crypto trader Untraceable asserted that Binance is indulging in “Manipulation ‘til the last minute,” as the hot wallet replenishment notice prevented him from withdrawing his Monero funds to an on-chain wallet.
Binance’s official announcement regarding the delisting of Monero states that the deadline for withdrawing XMR from Binance accounts is 2024-05-20 03:00 (UTC), reserving the right to temporarily suspend withdrawals if the XMR hot wallet funds don’t meet the withdrawal demand.
However, the XMR removal timeline confirms that 2024-02-21 03:00 (UTC) is the last day for depositing Monero into Binance’s accounts. While the XMR withdrawal suspension enraged multiple XMR traders, the veteran crypto remains a TOP 50 contender despite dropping 24.7% of its value in the last 30 days.
On The Flipside
- The upward price trajectory for Monero can be attributed to the spike in liquidity, which slipped to an all-time low of $1.8 million upon Binance’s initial notification regarding delisting XMR.
Why This Matters
The move to delist Monero and several other privacy tokens is likely an attempt to comply with the tightening regulation grip, as legal, financial institutions are frowning upon privacy tokens.
Sponsored
Read DailyCoin’s trending crypto news:
Polygon (MATIC) Backs Humanity Protocol to Rival Worldcoin
Bitcoin Halving: Buy $21 BTC Challenge Gathers Steam
