After less than a month, Binance changed its stance on delisting 12 privacy coins.
In an unexpected turn of events, the prominent cryptocurrency exchange Binance has withdrawn its intent to delist several privacy coins within Europe.
Based on the announcement issued by the company on June 26th, the crypto exchange has updated its operations to conform with regional regulations.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Is Decentralized Anonymous Blockchain a Myth? (Explained!)
When asked about the matter, Binance's spokesperson 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.
Emphasizing the significance of its position as an exchange registered in multiple European Union jurisdictions, Binance further clarified that it is under the obligation to adhere to local regulations that necessitate the ability to "monitor transactions for coins listed on <the> platform."
Initially, at the end of May, Binance planned to delist privacy coins for users in France, Italy, Spain, and Poland.
Based on the original plans, starting June 26th, investors in the above-mentioned countries would be unable to buy or sell 12 privacy coins, including Dash (DASH), Decred (DCR), Horizen (ZEN), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO).
Following the retraction of the decision, several token issuers took to social media platforms to reassure their community members. Verge Currency, for instance, issued an update regarding the issue as early as June 22nd.
Similarly, the Secret Network also updated its status, confirming its exemption from Binance's delisting.
These crucial decisions by Binance coincide with the ongoing efforts of the EU in establishing its standards for digital assets via the new Markets in Crypto-Assets (MiCA) regulations, which were officially enacted into law on May 31st.
Binance's decision to reverse its planned delisting of certain privacy coins shows the company's commitment to comply with regional regulations, indicating a potentially positive shift for crypto companies operating in Europe under the new MiCA laws.
