Binance planning to delist Privacy coins - XMR and more..

[milewilda]

So lets just focus on Monero alone.

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.

[ABCbits]

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.

[PX-Z]

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.

https://twitter.com/monero/status/1754879394261147663

[dkbit98]

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 
He even offered all of his money from Binance.us as collateral for going in some business trip, but authorities refused to accept this offer.

[milewilda]

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
or else then you would simply be facing up fines and the worst on which it would be closed if things gets severe.

I dont see for XMR to be out soon or would be leave out by those people who have been bag holding this coin. Privacy on its finest on which
this is something that cant really be traced up and this is what government do really hates. So just as been said  that this isnt something
shocking scenario or situation.

[MrSpasybo]

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.

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.

[milewilda]

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.

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.

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 for
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?

[Yamane_Keto]

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.

DEXs are gaining popularity so CEX delisting Privacy coins will not have much impact on trading volumes.

[dkbit98]

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 
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.

 

[KryptoBull]

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.

DEXs are gaining popularity so CEX delisting Privacy coins will not have much impact on trading volumes.

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.

Currently, Binance accounts for nearly 20% of XMR's trading volume^[1]. Binance's delisting will directly affect XMR's liquidity in the market. What's worse is that this event could spread and many other CEXs will also delist XMR in the future. I'm really worried about the future of XMR, perhaps the era of privacy coin is under threat.
References:
[1] Coinmarketcap: Monero - Markets

[Z-tight]

It is only a matter of time before all centralized exchanges delist privacy coins, they only want tx's they can trace and answer questions about, when you use privacy coins, Binance and other centralized exchanges have no info about the tx and they don't want that. This is why most time they confiscate funds coming straight into their platform from a mixer or after just being CoinJoined, because you cannot have any sort of privacy when you use centralized exchanges.

Trade your privacy coins in p2p exchanges, bisq is a good place you can trade xmr because there is a lot of liquidity for it, and the more cex's delist privacy coins, i expect liquidity for xmr to grow in other p2p exchanges.

[NikeFit_7777]

Binance exchange is for people who watch tv and follow Cristiano Ronaldo 
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.

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.

P.S. A little bit, XMR rate is already recovering, nothing critical happened as far as I am concerned. Did anyone buy during the price collapse itself?

[Wiseman]

Sooner or later, confidential coins will be deleted on many exchanges, it is only a matter of time and the desire of regulators to fight them, but if they decide to delete confidential coins on Binance, then this will be applied to smaller exchanges in the same way, the most important thing is that confidential coins will grow they are not as strong as the others and they always just fall in the rankings and do not update their previous highs.

[Mr. Magkaisa]

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.

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.

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 for
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?

         -  It seems that Monero is not performing well on Binance, so it will be delisted from the exchange platform. How many years has Monero remained in Binance? And if there is any reason for Binance to remove such things, there is nothing we can do about it.

Also, I'm not a fan of Monero, and Binance will be banned in our country, so I won't be affected by what Binance will do with XMR. So for those who are XMR fanatics, it's good that they change it to other cryptos before its too late.

[BitMaxz]

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.