Binance is now requiring that deposits come from transparent address (e.g. non-privacy coins) which was the opposite of what monero is. Probably all CEX will do the same thing. This price dump is just temporary, privacy coins will be always be a thing for everyone in this space who promote decentralization.CZ is probably blackmailed and they hold him as hostage in United States, he can't leave the country, so he will now do anything they ask him to do :P
I'd guess they can't afford to take pressure from government, when Binance and CZ got fined for money laundering. I also it might cause domino effect where other CEX do same thing. Although i bet Monero community will make DEX and P2P trading more popular in the future.Yes, and that one is an example if you do try to defy the government on which these centralized platforms wont really be having no choice but to comply on what its been asked
Im not really that shocked and im already anticipating that one day these platforms would be delisting those privacy coins or something that couldnt be traced on. Government do hate them so much, so expect it would be having that continous domino effect.I am also not surprised by this action of Binance. From 2021, we are prepared for the gradual disappearance of privacy coins on CEXs because CEXs need to comply with strict regulations from governments regarding money laundering or terrorist financing. Crypto, including privacy coins, is not the favorite medium of bad actors but it is still an issue that CEXs must be concerned about.
We cant really say that it would really be having its price at the bottom but rather it would really be having some significant decrease or loses its value but i do still highly doubt that it would really be going into the floor on which we do know on how important and how relevant pure anonymity is on which this market is really that seeing upon. It is really just that it is inevitable forIm not really that shocked and im already anticipating that one day these platforms would be delisting those privacy coins or something that couldnt be traced on. Government do hate them so much, so expect it would be having that continous domino effect.I am also not surprised by this action of Binance. From 2021, we are prepared for the gradual disappearance of privacy coins on CEXs because CEXs need to comply with strict regulations from governments regarding money laundering or terrorist financing. Crypto, including privacy coins, is not the favorite medium of bad actors but it is still an issue that CEXs must be concerned about.
The anonymity of privacy coins becomes a weakness for them to exist in the large crypto market. I believe that XMR will still have users but the liquidity will be less as it cannot reach the millions of users on CEXs. Condolences to investors in XMR tokens because the token price continues to return to the bottom and has not shown any signs of recovery. For the purpose of finding profits, I have personally stayed away from privacy coins since 2021.(https://www.tradingview.com/x/608May7F/)
DEXs are gaining popularity so CEX delisting Privacy coins will not have much impact on trading volumes.Binance exchange is for people who watch tv and follow Cristiano Ronaldo ;)
For a long-term trader, ten years or more, investing in XMR is not a bad thing as there will be liquidity given that the demand for privacy will increase, which means that the chance of XMR going to zero is small compared to 99% of altcoin pairs, so investing in it in amounts from $500 to $5000 is not bad.I have never tried trading XMR on a DEX so I have no information about this possibility. Currently, according to Coinmarketcap, there is only 1 DEX listing XMR, ViteX, with Volume 7.25 USD/day, very low compared to the total trading volume of more than 85M USD/day.
DEXs are gaining popularity so CEX delisting Privacy coins will not have much impact on trading volumes.
Binance exchange is for people who watch tv and follow Cristiano Ronaldo ;)All in all, it's not a big deal. Binance is not interested in such assets. That's why they removed them and will continue to do so. Because Binance itself is going to be in trouble. The community itself, has been neutral on the topic.
There is very high demand for monero now for everyone who want's to have easy privacy with transactions.
I expect all serious decentralized exchanges to add monero soon, that has proven to have most liquidity with Bitcoin in Bisq exchange for a while.
There is Bisq fork called Haveno being developed and that should be released this year.
We cant really say that it would really be having its price at the bottom but rather it would really be having some significant decrease or loses its value but i do still highly doubt that it would really be going into the floor on which we do know on how important and how relevant pure anonymity is on which this market is really that seeing upon. It is really just that it is inevitable forIm not really that shocked and im already anticipating that one day these platforms would be delisting those privacy coins or something that couldnt be traced on. Government do hate them so much, so expect it would be having that continous domino effect.I am also not surprised by this action of Binance. From 2021, we are prepared for the gradual disappearance of privacy coins on CEXs because CEXs need to comply with strict regulations from governments regarding money laundering or terrorist financing. Crypto, including privacy coins, is not the favorite medium of bad actors but it is still an issue that CEXs must be concerned about.
The anonymity of privacy coins becomes a weakness for them to exist in the large crypto market. I believe that XMR will still have users but the liquidity will be less as it cannot reach the millions of users on CEXs. Condolences to investors in XMR tokens because the token price continues to return to the bottom and has not shown any signs of recovery. For the purpose of finding profits, I have personally stayed away from privacy coins since 2021.(https://www.tradingview.com/x/608May7F/)
those changes that could really be applied on whatever services and platforms that has been raised on crypto space. Speaking about CEX then it would really be just be on two
questions whether they would be following those regulation or rules and operate or would be opposing on which it causes for them to completely stop their service?
So lets just focus on Monero alone.Binance have had already issue from the SEC and they don't want to face more pressure and harassment from the government so they would rather delists coins such no trace or else.
Monero (XMR) slumped about 30% Tuesday to a 20-month low after crypto exchange Binance said it will stop listing the privacy token as of Feb. 20.
Source: https://www.coindesk.com/markets/2024/02/06/binance-to-delist-monero-privacy-token-xmr-slides/
Im not really that shocked and im already anticipating that one day these platforms would be delisting those privacy coins or something
that couldnt be traced on. Government do hate them so much, so expect it would be having that continous domino effect.
This is the same as what happened to Beam they delisted this coin because it didn't meet the standard. Well, there's nothing we can do since Binance is already regulated they should follow what the government wants to list.
We don't need to worry since we still have some exchanges that XMR is listed like in Kucoin but the only problem is I think we won't see these coins skyrocket due to this news including other privacy coins because the government is very strict with these coins and I'm sure it will be also delisted on Kucoin since it is also regulated.
Yeah as long as we have P2P offers we don't need or have to care about XMR being listed anywhere. Bisq, Agoradesk, Localmonero, eXch, and many others does propose XMR, we have plenty of choices and I hope it will continue like this ! :)
I'm not really that shocked and I'm already anticipating that one day these platforms would be delisting those privacy coins or something that couldn't be traced on. Government do hate them so much, so expect it would be having that continuous domino effect.
Source: https://www.coindesk.com/markets/2024/02/06/binance-to-delist-monero-privacy-token-xmr-slides/I think this privacy coin was removed by Binance because it was to protect Binance so that there is no such thing as "exchange money laundering".