- Upon review, Binance delists 4 altcoins from trading to protect users.
- Monero crumbled 35% since the announcement, losing over $1B in market cap.
- Binance was fined $4.3 billion for failing to comply with anti-money laundering laws.
Binance, the leading cryptocurrency exchange, issued a three-week notice on four alternative cryptocurrencies, which will be completely removed from the platform. The shocking announcement on Tuesday morning declares the all-around elimination of Monero (XMR), Aragon (ANT), Vai (VAI), and Multichain (MULTI) from Binance’s services.
The message by the crypto titan laid out various factors that contributed to the decision. While the key factors included trading volume, liquidity, and network stability, Binance also outlined “evidence of unethical/fraudulent conduct or negligence.” According to the statement, the full removal of all XMR trading will occur on February 20, 2024.
The mass media have stigmatized illicit activity involving privacy-focused blockchains, while money laundering prevention tactics by legal bodies have often been a miss. Known as a coin “private by design”, the veteran altcoin is labelled a go-to cryptocurrency for cybercriminals in the Financial Crime Academy’s (FCA) latest research, increasing legal scrutiny surrounding private crypto coins with obfuscated transaction history.
XMR Bloodbath Escalates With 33% Drop In a Single Day
Binance’s clean-up move sent shockwaves through the crypto markets on Tuesday morning. XMR plummeted by 16.9% at 9 AM GMT, facing another immediate 5% drop in the afternoon. The private blockchain, existing since 2014, witnessed its longest red candle in a year to fall below $120 at publication.
Measured by market cap, Monero lost an eye-watering $1 billion in global market cap in less than 24 hours. Now at $2,019,267,810, XMR could be heading to a double-digit price range for the first time since September 2020. Nevertheless, Monero is still available for trading across 126 centralized and decentralized cryptocurrency platforms worldwide.
On The Flipside
- The move has raised immense backlash from crypto enthusiasts who believe in the intrinsic value of undecipherable blockchains, bringing uncompromising anonymity to crypto traders.
- To illustrate, free speech proponent and former Congress candidate Douglas Touman remarked that Monero is “unstoppable” and is “born to thrive outside of the State-controlled fiat system.”
Why This Matters
The cryptosphere leaders are taking a stance amid legal scrutiny. Last year, Binance was fined $4.3 billion by the Department of Justice (DoJ) for violating several anti-money laundering prevention rules.
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