Binance Reverses Course on Delisting Privacy Coins in Europe

Binance Reverses Decision: Privacy Coins to Remain Listed in Europe

In a significant development, Binance, the prominent cryptocurrency exchange, has announced its decision to reverse the plan of delisting several privacy coins in Europe. This reversal comes after revising operations to ensure compliance with local regulations.

In a comment received on June 26, Binance stated, “After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.” The exchange further emphasized its obligation to follow local regulations as it operates as an exchange registered in various European Union jurisdictions, which necessitate the monitoring of transactions for listed coins on their platform.

Initially, Binance intended to delist privacy tokens for users in France, Italy, Spain, and Poland, thereby restricting their ability to buy or sell 12 privacy tokens starting from June 26. The email notifications sent to users confirmed that BEAM, XMR, MOB, FIRO, and ZEN were among the tokens subject to these restrictions.

However, with the overall ban being retracted, several projects have taken to Twitter to reassure their community members. Verge Currency, for instance, provided an update as early as June 22, confirming that it will not be delisted by Binance. The Secret Network also shared an update stating that it is among the currencies exempted from the delisting.

These decisions by Binance coincide with the efforts of the European Union (EU) to establish comprehensive standards for digital assets through the Markets in Crypto-Assets (MiCA) regulations, which were signed into law on May 31. The EU policymakers aim to position Europe as a prominent hub for cryptocurrencies and digital assets by implementing clear-cut regulations. In July, the European Securities and Markets Authority plans to initiate a MiCA consultation process, with the full effect of the framework expected within an 18-month timeline.

The regulatory clarity provided by the MiCA regulations has been welcomed by industry players like Ripple, a cryptocurrency payments service provider. They view these regulations as a positive step towards fostering a conducive environment for the crypto industry.

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