Binance to delist these 12 privacy coins in these eu countries from June 26

Bitcoin_Arena

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Quote from: OmegaStarScream on June 26, 2023, 06:27:18 AM

An update about this[1]. It looks like Binance is reversing its decision to delist privacy coins. It's unclear from the article whether all the projects are going to remain, or only a few of them but a few projects already stated that they're not getting delisted.

[1] https://cointelegraph.com/news/binance-relists-privacy-coins-in-europe

Unless if I did get this wrongly but I don't see the point why they had decided to ban the privacy coins in the EU if they were already pulling out their service in a number of EU members. It wasn't making any sense at all.

If they were no longer operating in the jurisdiction, then there was totally no purpose of the ban.

OmegaStarScream

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An update about this[1]. It looks like Binance is reversing its decision to delist privacy coins. It's unclear from the article whether all the projects are going to remain, or only a few of them but a few projects already stated that they're not getting delisted.

[1] https://cointelegraph.com/news/binance-relists-privacy-coins-in-europe

Desscount

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Quote from: timoshani on June 01, 2023, 02:53:45 PM

Strangely, coins such as Decred, Dash, ZEC are going to divide. The reason is not entirely clear. Is it related to the legislative framework? DASH coin with history and appeared in the days of DOGE and Litecoin. Therefore, as if it should trade without problems on different platforms, including Binance

DASH and ZEC are indeed private altcoins and in the EU they are very prone to crime,
especially since the government there is also very strict in terms of legislation,
because privacy coins can make government noise even worse with coin privacy. Crime can be done very easily,
therefore all coins privacy is forbidden there, and maybe it will be done around the world too.

abel1337

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Quote from: Yaunfitda on June 02, 2023, 05:07:52 AM

Quote from: Lagduf on June 01, 2023, 09:45:47 AM

Quote from: rat4 on June 01, 2023, 06:05:59 AM

While this is a bad news for crypto, it pushes users towards DEXes, where governments have less control.

It's very wrong mate. The government can shutdown the dex as well. Did you remember what happened with etherdelta? if you remember that and you might have seen the power that owned by government. It's very easy to shutdown it. Even the government can seize the domain if they want.

There was no other solution than being compliance with the regulation. Binance just wanna do that.

Yes, even if we say that DEX is out of the hands from the government, we are still not going to relax. There might be a time that government will go after them too specially if they grown so big that users are taking advantage of it.

Just sad to see how crypto turns out in the last 5 years as privacy coins are taking a hit. Some of us could have been using for it's purpose, not necessarily to hide from tax or what the government thinks we are into this privacy coins. We just want to remain private and anonymous, that's it.

Governments are showing their power. The anonymity characteristic of crypto is now slowly deteriorating. I won't be shocked if DEX will be their next target. Mixing services took a hit recently and now privacy tokens? Future tokens might avoid being privacy because of what happened recently. It's like we are slowly being controlled by government because on what news we are having today. What if DEX are now on hit, are we forced to use CEX because we have no choice? I hope there will be a country that opposed to this or embraced the privacy part of cryptocurrency.

yazher

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Quote from: terciduk123 on May 31, 2023, 12:52:25 PM

Since privacy coins are in disagreement with laws in various nations and exchanges need to go by laws in order to maintain their legal status, privacy coins will have a difficult time growing.
This ban may lead to the collapse of privacy coins if it remains in place.

They need to create their own market without relying on any exchanges but coming together as a team of private coins is hard for them since everyone wanted to gather as many investors as they need and they don't want to give their competition some free advertisement unless they will no longer have a choice. We really need these private coins because they are one of the real coins that are offering real privacy and are also secured but we can't do anything about it since they are red-flagged by most governments all around the world which is hard for them to make new adjustment for their developments and updates to give their investors multiple reasons why their coins are worthy of investment.

Yaunfitda

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Quote from: Lagduf on June 01, 2023, 09:45:47 AM

Quote from: rat4 on June 01, 2023, 06:05:59 AM

While this is a bad news for crypto, it pushes users towards DEXes, where governments have less control.

It's very wrong mate. The government can shutdown the dex as well. Did you remember what happened with etherdelta? if you remember that and you might have seen the power that owned by government. It's very easy to shutdown it. Even the government can seize the domain if they want.

There was no other solution than being compliance with the regulation. Binance just wanna do that.

Yes, even if we say that DEX is out of the hands from the government, we are still not going to relax. There might be a time that government will go after them too specially if they grown so big that users are taking advantage of it.

Just sad to see how crypto turns out in the last 5 years as privacy coins are taking a hit. Some of us could have been using for it's purpose, not necessarily to hide from tax or what the government thinks we are into this privacy coins. We just want to remain private and anonymous, that's it.

rat4

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Quote from: Lagduf on June 01, 2023, 09:45:47 AM

It's very wrong mate. The government can shutdown the dex as well. Did you remember what happened with etherdelta? if you remember that and you might have seen the power that owned by government. It's very easy to shutdown it. Even the government can seize the domain if they want.

I'm not aware of the situation, because I don't follow the Ethereum world. What I can find on the internet is that etherdelta provided UI as a website and used a centralized server in its operations. Of course it was an easy target. A decent DEX is a P2P network so is as resilient as cryptocurrencies it trades.

hugeblack

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Quote from: timoshani on June 01, 2023, 02:53:45 PM

Strangely, coins such as Decred, Dash, ZEC are going to divide. The reason is not entirely clear. Is it related to the legislative framework? DASH coin with history and appeared in the days of DOGE and Litecoin. Therefore, as if it should trade without problems on different platforms, including Binance

DASH has always defined itself as a privacy currency and it is a cheaper alternative to Monero, especially since it only needs two confirmations. I do not know if there has been any development in the project, but if DASH stop supporting privacy just because decisions were issued by countries or some CEXs stop trading, then this currency is not worth a 1 dollar investment.
Your question would be more logical if the currency had two uses, one to enhance privacy and the other as a p2p payment like LiteCoin.

timoshani

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Strangely, coins such as Decred, Dash, ZEC are going to divide. The reason is not entirely clear. Is it related to the legislative framework? DASH coin with history and appeared in the days of DOGE and Litecoin. Therefore, as if it should trade without problems on different platforms, including Binance

Ultegra134

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Quote from: cryptoaddictchie on June 01, 2023, 10:12:33 AM

As expected. Its primary goal is privacy and we all knew centralized follow procedures and protocols hence with the government right? Its not like they wanted to delist it, and just following the regulations on countries imposed it.

Maybe a privacy exchange could be made somewhere where those interested to trade without any hindrance on government rules. But I doubt traders would love to trade there, since Binance has the volume. If you want to make money then go to cex and trade with outstanding volume. If you protect your privacy that much, then do peer to peer and keep safe your info for that. I guess we cant satisfy both of everyone wants and prioritize.

As long as governement stand the idea of decentralization would always be bother by the likes of them.

It stinks that governments are pursuing ways to block any access to private options; it might still not affect the majority of us, but more countries will probably soon follow. While delisting them from Binance doesn't actually block them from being traded, it's still a limiting factor. Keep in mind that there are quite a few decentralized options, such as the Bisq exchange, and also a huge variety of networks (BSC, Fantom, Aurora, Polygon, and plenty of others). Thus, trading certainly won't stop; it's theoretically and practically impossible to block decentralized services. The only issue they're causing is making things a little more difficult and certainly reducing the total trading volume, which is likely to be only temporary since everyone will simply switch to other means that I already mentioned earlier, and ultimately, the ramifications will be minimal.

Blitzboy

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That's a sledgehammer of an update, no doubt. Unlisting these cryptic coins in the outlined EU territories could cause serious ripples in the global blockchain lake. Especially since Binance stands tall as a crypto titan. These coins, with their stealthy attributes - however contentious - echo the original crypto mantra - decentralized and cloak-and-dagger.

With a regulatory lens, this chess move by Binance hardly gives me the heebie-jeebies. From my economics foxhole, I chalk this up as a must-have shield to ward off the lurking shadows of illegal capers. Countries are ramping up the call for crypto market oversight to ax fraud, clean up money-laundering, and halt financial hooliganism.

But, this pivot also unfurls weighty dilemmas about the future course of privacy-centric cryptocurrencies. It's a screaming signal that the powers-that-be are making a play to umpire a field built on decentralization. This may stub out a few bad seeds, yet it's a gut punch to the crypto core tenets.

asriloni

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To be honest if so many countries are preparing some new regulations for crypto currency. It's the best way that can be done by binance. In my view if privacy coin doesn't have demand anymore. Monero may be the only one that may exist as major privacy coin.
The regulations to prevents money laundering become even tightening in some EU countries. Binance was not doing something wrong. We will need only a single good privacy coin.

It's pointless to have a lot of privacy coins. Some privacy coins like verge has very bad reputation right now. that's why binance wants to replace it with a good project.

I think that another exchange site will be slowly but surely taking the same decision as binance. People can still at least use privacy coins outside from EU countries.
EU regulators putting its focus into the money laundering case that mostly happened in crypto.

Argoo

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Of course, anonymity and confidentiality in cryptocurrency takes a significant place. However, even from the very beginning of its existence, these components were not the main ones for the cryptocurrency. While the cryptocurrency did not have much influence in the global financial system, states were in no hurry to pay attention to it and regulate its circulation. However, it would be foolish to assume that such an attitude of states will continue in the future. Their current focus on cryptocurrencies, and privacy coins in particular, is quite predictable. And this can only be called the beginning. States will seek to get rid of anonymity in cryptocurrency. And the result of this pressure will depend on how actively cryptocurrency supporters defend their positions.

goldkingcoiner

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There are other, decentralized ways to trade XMR. The delisting will not work. Perhaps on the smaller, unpopular and copycat privacy coins. But really? No need to worry. This is going to push crypto more towards full decentralization and self-autonomy. This is a good thing. At some point, when Bitcoin has become fully adopted by people of all places, Blockchain will be considered the third generation of money technology. And the government will have no say but rather just have to sit and watch its people drop banks and third partys who made their profits from exploiting fiat's weaknesses. Fiat is a centralized piece of paper which supposedly stores value, even though it is not backed by anything of value(gold) anymore and they can keep printing as many strips of paper as they want. Roll Eyes

GelatikKembar

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We can't blame Binance for that because private coins can be a threat to the country,
therefore the government can also make demands on Binance to delist privacy coins.
just imagine that transactions in coin privacy are very large and most of it is for money laundering,
yes I support this being done by Binance, and it is also possible that coin privacy will be delisted from Binance global.

cryptoaddictchie

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As expected. Its primary goal is privacy and we all knew centralized follow procedures and protocols hence with the government right? Its not like they wanted to delist it, and just following the regulations on countries imposed it.

Maybe a privacy exchange could be made somewhere where those interested to trade without any hindrance on government rules. But I doubt traders would love to trade there, since Binance has the volume. If you want to make money then go to cex and trade with outstanding volume. If you protect your privacy that much, then do peer to peer and keep safe your info for that. I guess we cant satisfy both of everyone wants and prioritize.

As long as governement stand the idea of decentralization would always be bother by the likes of them.

Lagduf

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Quote from: rat4 on June 01, 2023, 06:05:59 AM

While this is a bad news for crypto, it pushes users towards DEXes, where governments have less control.

It's very wrong mate. The government can shutdown the dex as well. Did you remember what happened with etherdelta? if you remember that and you might have seen the power that owned by government. It's very easy to shutdown it. Even the government can seize the domain if they want.

There was no other solution than being compliance with the regulation. Binance just wanna do that.

dwminer1

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I'm not sure if this is verified information. I am from Poland and I have not received any information on this subject from Binance. I also asked on several groups of cryptocurrency users from Poland on Telegram and no one got similar information. I'll let you know if anything changes on this.

zasad@

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The MICA law was adopted in Europe, and there was no doubt about it. All 27 countries will be subject to the same law, but since the law will come into force only in 12-18 months,
countries have time to make preparations. Confidential coins will be prohibited.
https://bitcointalksearch.org/topic/m.62338291

zonefloor

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The purpose of the emergence of cryptocurrencies was to remain confidential and anonymous. But when we look at the current situation, any privacy situation has started to disappear. State pressures and exchange platforms also began to submit to this pressure. Obviously, cryptocurrencies have started to go out of their way. I think it stems from actions aimed at preventing smuggling and illegal situations. I think this will happen all over Europe. This is just the beginning.

hugeblack

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I suggest that Binance turn into a commercial bank, everything they do contradicts the basic principle of cryptocurrency, which is peer-to-peer trading without the intervention of a third party, and as long as governments impose these policies on the platform and the platform only responds, they are ready to do anything so as not to harm their profits.
If this isn't motivation enough to explore and support DEXs, nothing else will.
what's next? Not withdrawing to a self-custody wallet.

rat4

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While this is a bad news for crypto, it pushes users towards DEXes, where governments have less control.

killerfrost

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We need to remember that the use of crypto is responsible, use it in accordance with the law and encourage everyone to learn and understand their identity and address during transactions. The use of anonymous crypto in the crypto market has been widely used by a number of people for various reasons. However, I am programmed not to take political opinions or give any advice on using crypto.

However, it can be said that staying anonymous in the crypto market can provide users with a higher level of security, helping them to protect their personal information and assets. However, this can also lead to the use of crypto for unauthorized activity such as money laundering, fraud, and other illegal activity. This move by binance for me is just pointing some opinion on this news as well as having a side discussion about the main issue that the market is going on.

Dave1

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I'm not surprised by the delist of those privacy coins, even before there was a outcry for exchanges to do that. It started on the South Korean exchanges maybe around 2020 if I'm not mistaken.

And then it quickly goes to other top tier exchanges including Binance. Of course, we don't want these privacy coins to be removed or being forgotten, but Binance has no choice since they have to legally follow the framework in order for their business to survived.

DeathAngel

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Not good for privacy & self sovereignty but it is what it is. Binance are a profit making business, the bottom line is they have to comply with rules & regulations of the jurisdictions they provide services to. If a country requires them to dump privacy coins from their services in order to continue operations there then Binance will do what is required.

Jackl87

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Quote from: libert19 on May 31, 2023, 11:43:50 AM

..namely Decred, Dash, ZEC, Horizen, PIVX , Navcoin, Secret, Verge, Firo, Beam, XMR and MobileCoin — Countries include France, Italy, Poland and Spain.

Reason given:

Quote

While we aim to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy coins.

Email received by customers residing in affected countries:

Well it is not a big surprise that crypto currencies in general and of course especially privacy focused currencies are in the focus of government, authorities and the big banks. Bitcoin was created to give people the opportunity to send and receive money without having any third party like a bank involved and without the governments knowing that you have sent and received money. It is pretty clear that this is a real nightmare for the government and banks and therefore they are introducing laws to fight against such projects.
I don't really think that this is really a danger for the crypto scene as a whole. It is definitely sad for specific projects though.

blockman

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If Binance is doing that in the EU region then it might be expected that in some regions and countries, they might do the same thing.

Quote from: Apocollapse on June 01, 2023, 02:26:07 AM

This was already expected, three years ago Coinbase delisted few privacy coins, now it's followed by Binance.

Some other exchanges in South Korea also did this and it made headlines. Of course government don't want privacy options and matters for their people so they're directing Binance and for sure other exchanges as well that they need to remove these privacy coins.

Quote from: poodle63 on May 31, 2023, 05:58:58 PM

Privacy coin may die soon.

Possible but also not may happen for the strongest ones that has a good community back up.

Apocollapse

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This was already expected, three years ago Coinbase delisted few privacy coins, now it's followed by Binance. More and more privacy coins will be delisted on the other centralized exchanges, this is why holding a privacy coin isn't a good choice. Remember Bitcoin isn't a privacy coin, but it's a pseudonymous and it could be used as a privacy coin if you use a third party help e.g. mixer.

Yogee

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South Korea and then some EU countries. This is probably a good news the bitcoin mixers out there and those non-kyc peer-to-peer platforms.

What's really the point of using these privacy coins when you're going to trade them on centralized exchanges that will ask for KYC like Binance? It's just weird to me.

Quote from: poodle63 on May 31, 2023, 05:58:58 PM

[....]Glad to see that binance was taking this decision to keep its position safe rather than try to deal with the regulation.

It's the easier way out.

poodle63

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Many of privacy coins are almost die. It seems like that the privacy coin could not be accepted in european countries as well. Glad to see that binance was taking this decision to keep its position safe rather than try to deal with the regulation.
I think that the countries outside EU will be also following it. Issuing tightening regulation about disallowing privacy coin to be traded.

Privacy coin may die soon.

o48o

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Quote from: libert19 on May 31, 2023, 11:43:50 AM

..namely Decred, Dash, ZEC, Horizen, PIVX , Navcoin, Secret, Verge, Firo, Beam, XMR and MobileCoin — Countries include France, Italy, Poland and Spain.
-cut-
Source: Cointelegraph

When the only purpose of the coin is to escape regulations, this happens. And honestly this probably will be EU wide, these things just take time and law proceeds slowly. And i can actually see this happening to every FATF member country. Funny thing is that these coins wouldn't need to be full blanket anon, they just choose to do it as it's their ideology. ZK proofs could be so much more and fix actual existin problems like kycs. But these guys just want full anonymity and that will most likely be their doom.

Obviously they can't stop the coins themselves, those probably will keep get traded at least for a while, just not in exchanges. And with less volume and liquidity.

terciduk123

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Since privacy coins are in disagreement with laws in various nations and exchanges need to go by laws in order to maintain their legal status, privacy coins will have a difficult time growing.
This ban may lead to the collapse of privacy coins if it remains in place.

libert19

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..namely Decred, Dash, ZEC, Horizen, PIVX , Navcoin, Secret, Verge, Firo, Beam, XMR and MobileCoin — Countries include France, Italy, Poland and Spain.

Reason given:

Quote

While we aim to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy coins.

Email received by customers residing in affected countries:

Source: Cointelegraph

Topic: Binance to delist these 12 privacy coins in these eu countries from June 26 (Read 270 times)