Topic: Monero terminated in Italy, along with other privacy coins - page 2. (Read 286 times)
IIRC, it started with South Korea when they've forced their local exchanges there to delist Monero. Well, it's not new that these authorities want these exchanges to remove Monero and probably other privacy coins because they've got some the same reasons for privacy concerns and the use that it's being made through illegal transactions and being untraceable. So, this is like a wave that's not going to stop and if these big exchanges like Binance is being forced to do it in order for themselves to protect their business, the others will do the same once they're asked or required to do.
This is expected. This has been the talk of the town for years. Monero must have already caught the attention of the authorities ever since the Silk Road days. That was a long time ago. Years later, the IRS itself also offered more than half a million dollars as bounty to whoever cracks Monero. That was a desperate move and a humiliating admission that even the most powerful agencies could be helpless in dealing with privacy coins.
Desperate times call for desperate measures. Monero will have to be banned. It was just a matter of time. More countries will certainly follow.
But no big deal. After all, Monero isn't really tailored for the likes of Binance and other centralized exchanges that are all too willing to lick dirty asses for money. It has its own unique functions. It is to privacy coins as Bitcoin is to cryptocurrencies.
Desperate times call for desperate measures. Monero will have to be banned. It was just a matter of time. More countries will certainly follow.
But no big deal. After all, Monero isn't really tailored for the likes of Binance and other centralized exchanges that are all too willing to lick dirty asses for money. It has its own unique functions. It is to privacy coins as Bitcoin is to cryptocurrencies.
Some few years back, there was pressure from regulators for centralized exchanges to delist privacy coins. it's amazing that they have listed on those exchanges for that long.
It's not all gloom and doom for the folks in Italy as there are some peer to peer and no KYC exchanges that will offer trading of Privacy coins especially Monero despite the restrictions
One such place to get monero friendly exchanges is kycnot.me and https://www.getmonero.org/community/merchants/
It's not all gloom and doom for the folks in Italy as there are some peer to peer and no KYC exchanges that will offer trading of Privacy coins especially Monero despite the restrictions
One such place to get monero friendly exchanges is kycnot.me and https://www.getmonero.org/community/merchants/
It was supposed to be followed by all the countries. I remember after the 2018 significant altcoin season, there were countries popping up which was talking more against privacy coins. Well, it's not really possible to regulate privacy coins because of the nature of the txs. Maybe privacy coins will have an end due to regulation. It's going to be followed everywhere and I doubt with such regulation, people would simply use privacy coins to hide their financial activity.
I remember these announcements of regulation by the FATF and the expected exclusion of privacy currencies from some exchanges. I'm surprised it's somehow extended 4+ years. Limiting use according to certain areas is perhaps the least harmful way, which gives hope to privacy coins that they can survive until some more favourable regulation for them.
From Oct. 22, 2019
https://cointelegraph.com/news/fatfs-regulations-to-push-criminals-to-privacy-coins-ciphertrace-ceo
People reported that France and Poland have enacted the same regulation: https://www.reddit.com/r/Monero/comments/13wkueu/monero_and_all_other_privacy_coins_are_banned_in/
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It was supposed to be followed by all the countries. I remember after the 2018 significant altcoin season, there were countries popping up which was talking more against privacy coins. Well, it's not really possible to regulate privacy coins because of the nature of the txs. Maybe privacy coins will have an end due to regulation. It's going to be followed everywhere and I doubt with such regulation, people would simply use privacy coins to hide their financial activity.
I received this email notification from Binance, it appears that privacy currencies are being terminated throughout Italy. Translated from Italian:
Quote
Dear Binancian,
We are sending you this email to formally inform you that, due to local regulatory requirements, Binance is unable to offer privacy coins that do not allow transaction monitoring in Italy. Starting from June 26, 2023, Binance users residing in Italy will no longer be able to purchase or trade the following privacy coins on our platform:
DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR, MOB
Please note the following timing for the above-mentioned privacy coins:
On 06-26-2023:
All spot trading operations and deposits related to the aforementioned privacy coins will be blocked. All open Spot orders will be automatically closed. Cryptocurrency withdrawals for privacy coins will remain available.
Conversion and Earn operations will be limited to decrease-only mode. Decrease-only mode allows you to sell or close positions, but limits buying and opening new positions for the aforementioned privacy coins.
On 09-26-2023: All Loan positions will be automatically closed.
On 09-29-2023: All Flexible EARN positions will be closed.
On 10-26-2023: Selling via Convert will be blocked. Cryptocurrency withdrawals for privacy coins remain available.
We continue to commit ourselves to the long-term development of our ecosystem and we will continue to invest in the development of the blockchain and digital asset industry. We take this opportunity to thank you for your support.
Sincerely,
Team Binance
We are sending you this email to formally inform you that, due to local regulatory requirements, Binance is unable to offer privacy coins that do not allow transaction monitoring in Italy. Starting from June 26, 2023, Binance users residing in Italy will no longer be able to purchase or trade the following privacy coins on our platform:
DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR, MOB
Please note the following timing for the above-mentioned privacy coins:
On 06-26-2023:
All spot trading operations and deposits related to the aforementioned privacy coins will be blocked. All open Spot orders will be automatically closed. Cryptocurrency withdrawals for privacy coins will remain available.
Conversion and Earn operations will be limited to decrease-only mode. Decrease-only mode allows you to sell or close positions, but limits buying and opening new positions for the aforementioned privacy coins.
On 09-26-2023: All Loan positions will be automatically closed.
On 09-29-2023: All Flexible EARN positions will be closed.
On 10-26-2023: Selling via Convert will be blocked. Cryptocurrency withdrawals for privacy coins remain available.
We continue to commit ourselves to the long-term development of our ecosystem and we will continue to invest in the development of the blockchain and digital asset industry. We take this opportunity to thank you for your support.
Sincerely,
Team Binance
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