Monero (XMR) and other privacy coins at risk of delisting from Binance

Kelward

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Quote from: rhomelmabini on January 04, 2024, 04:52:23 PM

Quote from: btcswimmer on January 04, 2024, 09:15:48 AM

In a recent announcement, the infamous crypto exchange Binance has added the Monitoring tag to Monero and other privacy coins.
Cryptocurrencies with the Monitoring tag are at risk of delisting from Binance.

Well, Binance is being watched so it's not surprising that they are just in compliance with the law enforcement agencies. There are top tier exchanges out there if you are too concern that you'll not end up selling them, we cannot control most of these regulations so we just have to abide in it.

Although I won't call Binance, infamous, I think that with the incident of their former CEO CZ and law enforcement issues, they'd want to comply with regulatory policies of countries that people use their exchange services most. I learnt that they did not specify reasons why they need to delist Monero and others, it should have shown the rate of their transparency, so their users can take note. Inasmuch as Binance still gives quality exchange services, I guess that we can still use their services, if any user is not certisfied with their services there are other exchanges to choose from, people are advocating for DEX, perhaps it's the way forward.

goldkingcoiner

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So what if privacy coins like Monero get delisted? Will that mean it is impossible to trade your Bitcoin or other crypto in for Monero? Are there any other options? I know atomic swaps work as a decentralized option for trading in Bitcoin for Monero. You could use p2p (bisq) to buy and sell Monero with fiat. Hell, I think there are even darknet exchanges but I would stay away from them as they could just steal your money and you would never be able to do anything to stop or recover it.

So I think on the whole, Monero will be just fine even if the government makes it "illegal". Although honestly I doubt they will do that, because it will be unfair to the exchanges as buying and selling Monero anonymously will still be completely possible.

And honestly, this might be a good thing for Monero's price. No more shorting and whale manipulations. True stability.

fapar

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Quote from: mich on January 05, 2024, 05:20:10 AM

Well privacy coins like Monero, Dash, and Zcash is not what they did use to be. Long time back we bought these coins so there was no way for anyone to track them.

But today that is not something that we want to happen. If we want to make Bitcoin and other crypto more honest then the exchanges must delist privacy coins like those.

“Honest” and “anonymous” are not synonymous in relation to cryptocurrencies. Cryptocurrencies themselves are not “bad” or “good”; certain qualities are given to them by the people who use them for legal and illegal transactions. Correctly noted that in the near future all major crypto exchanges will abandon anonymous coins (OKX already, Binance will be next). Perhaps the Data Ownership Protocol (DOP) on Etherium will help us maintain the confidentiality of our translations. I recommend reading their articles on Medium.

Sophokles

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The regulation is coming and privacy coins can be declared illegal by the SEC so it is logical for the exchanges to delist privacy coins to protect themselves from any kind of pressure from the SEC. Or it can be totally different as institutions need privacy coins, and they can force the SEC to come up with a better idea for regulation so that all parties can benefit from it. Right now all the possibilities are there so without getting any clear instruction no one wants to take the risk.

jrrsparkles

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Quote from: BitcoinsGreat on January 05, 2024, 05:01:43 AM

I cannot say with confidence for all privacy coins but for Monero (XMR), even if it is delisted from all centralized exchanges, there won't be any bad impact on the Monero coin and ecosystem. The reason is that those who use Monero will continue using it and it has a very strong use case and no one can deny it.

The usage will be very much limited which will definitely impact on the price so does the investors may choose other coins over XMR too because for investors the profit is the ultimate goal not anonymity.

Even if you look at the price chart of monero in the last one year the price went down and bounce back to where it was but not really breaking the resistance of going over $200.

mich

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Well privacy coins like Monero, Dash, and Zcash is not what they did use to be. Long time back we bought these coins so there was no way for anyone to track them.

But today that is not something that we want to happen. If we want to make Bitcoin and other crypto more honest then the exchanges must delist privacy coins like those.

BitcoinsGreat

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Quote from: jrrsparkles on January 05, 2024, 04:25:25 AM

They are removed from the many centralized exchanges already and Binance delisting them is bit late, to be honest and if you have a privacy coin then you have to choose the DEX for trading it, but regulators are trying everything to suppress the growth of privacy coins which they consider as more risk than coin like bitcoin to their economy.

I cannot say with confidence for all privacy coins but for Monero (XMR), even if it is delisted from all centralized exchanges, there won't be any bad impact on the Monero coin and ecosystem. The reason is that those who use Monero will continue using it and it has a very strong use case and no one can deny it.

Exchanges may have to delist it because of the pressure from the authorities but it should not be a concern for the Monero community.

btc78

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Quote from: btcswimmer on January 04, 2024, 09:15:48 AM

In my opinion, this wave of de-listings is showing us just another time that centralized exchanges cannot and should not be trusted. Decentralized exchanges such as Bisq are definitely a decentralized, more secure way to exchange your coins without compromising your privacy and without the risk of being FTX'ed.

Cryptocurrencies were made with decentralization in mind this is the reason why i do not also use or entrust my money into centralized wallets using cryptocurrencies allow us to have full control of our money but with centralized exchanges we are doing quite the opposite

To value our privacy and to keep us fully accountable, decentralized exchanges should be used more

jrrsparkles

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They are removed from the many centralized exchanges already and Binance delisting them is bit late, to be honest and if you have a privacy coin then you have to choose the DEX for trading it, but regulators are trying everything to suppress the growth of privacy coins which they consider as more risk than coin like bitcoin to their economy.

BTC$1mil

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Privacy coins were target of governments to take down some years ago, in the last bull market.

They are returning with another attempt to take down privacy coins.

Centralized exchanges have to protect their business and delist those coins if necessary.

If you have privacy coins, store them in your self custody wallets, don't store your privacy coins on centralized exchanges.

PrivacyG

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This is highly expected. After what happened recently to the ex boss of Binance what did you expect, the new boss to give Monero a thumbs up? They know any measure against Monero and other Privacy oriented Cryptocurrencies they have listed could mean a hammer on the toes of the new boss or to Binance as a business. To the surprise of all Authorities however, this will likely have about zero impact on the usage of Monero. I have been using it for a long time and mostly Peer to Peer. Let me see them find and put a ban on that!

sunsilk

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See that coming.

There is no doubt that most of the privacy coins will get delisted on many exchanges as that's part of the compliance of these exchanges from the demand of the government.

While the other cryptos remain have no problem with them but only these privacy coins because it goes against to the standard of the government that they're mostly used in illegal trades.

rhomelmabini

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Quote from: btcswimmer on January 04, 2024, 09:15:48 AM

In a recent announcement, the infamous crypto exchange Binance has added the Monitoring tag to Monero and other privacy coins.
Cryptocurrencies with the Monitoring tag are at risk of delisting from Binance.

Well, Binance is being watched so it's not surprising that they are just in compliance with the law enforcement agencies. There are top tier exchanges out there if you are too concern that you'll not end up selling them, we cannot control most of these regulations so we just have to abide in it.

wheelz1200

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Just another exchange who cares. I mean I know the access that those platforms give these coins but the wave of CEX will come to an end. With enough "hacks" people will start to learn these exchanges aren't any good no matter how big they are. I can see a wave of large DEX's coming together and be the next movement in crypto. It's around but not as prevalent as it should be. They need to get more user friendly and then most people will abandon those exchanges.

EarnOnVictor

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I am surprised to see you labelling Binance an infamous exchange, these guys are only doing their business and for it to stay at the top with its current standing and reputation now means the opposite to me. Companies do have their excessive but certainly not infamous in the case of Binance. Also, unlike many, I will forever appreciate the centralised exchanges for the quota contributed to helping cryptocurrency achieve the status it is today, the ease of doing business through them can't be overemphasized.

It would have been very slow with DEX alone, many will not even try the system. About the subject, you can't know what is happening internally with these exchanges, regulators are on the neck of these guys, and there is little they can do, they have to obey if they want to stay in the business. I have always said that it is a matter of time before stricter regulations happen in the crypto space, that's the only way the world governments can have less concern about what people could use it for.

Everyone has their choice to make, the DEX is a good alternative, but can it be used easily and widely in function in place of CEX?

kentrolla

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This was expected out of centralized exchanges and early adopters pf crypto who adopted crypto for decentralization has been screaming out at people not to go with centralized exchanges or any exchange which requires you to do KYC but unfortunately the not so good user interface and liquidity forced people to use centralized exchanges and now regulators can mold Centralized exchanges to do whatever they want and their aim is to erase decentralisation and privacy that's what has been done now. But we don't have much of an option here as it would be really difficult to adopt to decentralised exchanges after getting used to the user friendly and high liquidity CEXs.

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Quote from: btcswimmer on January 04, 2024, 09:15:48 AM

In a recent announcement, the infamous crypto exchange Binance has added the Monitoring tag to Monero and other privacy coins.
Cryptocurrencies with the Monitoring tag are at risk of delisting from Binance.

I assume that the delisting of coins such as Binance will happen on all major exchanges and this is inevitable.

Quote from: btcswimmer on January 04, 2024, 09:15:48 AM

“Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform,”, Binance notes.
The reason for the delisting is obviously not specified in the announcement, other than to say that it is “based on recent reviews” and that the coins are “at risk of no longer meeting our listing criteria.”

The reason is obvious: big platforms like Binance fulfill the requirements of regulators in order not to lose the market of influence and clients in those regions such as the USA and the European Union.

Quote from: btcswimmer on January 04, 2024, 09:15:48 AM

This comes after a strong regulatory pressure against Monero and other privacy-preserving cryptocurrencies, in both the European Union and in the United States of America.

They will continue their similar activities. What they can't manage, control and track has no place in their world.

In fact, such regulators can be assessed as a “quality mark” label on Monero.

Quote from: btcswimmer on January 04, 2024, 09:15:48 AM

In my opinion, this wave of de-listings is showing us just another time that centralized exchanges cannot and should not be trusted. Decentralized exchanges such as Bisq are definitely a decentralized, more secure way to exchange your coins without compromising your privacy and without the risk of being FTX'ed.

Centralized exchanges could never be trusted. They want your money (you are their client), but at the same time they comply with the every whim of the regulators (not their client). In fact, this is indifference to the interests of clients.

Quote from: btcswimmer on January 04, 2024, 09:15:48 AM

Stay safe. Be sovereign. Avoid CEXs.

Amen.

tsaroz

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This was coming. We've seen it being done by many centralized exchanges. It's not that centralized exchanges can't track users depositing, exchanging or withdrawing privacy focused coins, they are tracking everything through their website and would comply with law enforcement agency if required. But they want to kill and erase the existence of such coins. Limiting them to the dark web exchanges.
Binance have had a rough time with SEC, they want to gain a favor and come clean.

btcswimmer

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In a recent announcement, the infamous crypto exchange Binance has added the Monitoring tag to Monero and other privacy coins.
Cryptocurrencies with the Monitoring tag are at risk of delisting from Binance.

“Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform,”, Binance notes.
The reason for the delisting is obviously not specified in the announcement, other than to say that it is “based on recent reviews” and that the coins are “at risk of no longer meeting our listing criteria.”

This comes after a strong regulatory pressure against Monero and other privacy-preserving cryptocurrencies, in both the European Union and in the United States of America.

In my opinion, this wave of de-listings is showing us just another time that centralized exchanges cannot and should not be trusted. Decentralized exchanges such as Bisq are definitely a decentralized, more secure way to exchange your coins without compromising your privacy and without the risk of being FTX'ed.

Stay safe. Be sovereign. Avoid CEXs.

Topic: Monero (XMR) and other privacy coins at risk of delisting from Binance (Read 131 times)