Binance Announces Monero (XMR) Delisting, Triggering a 38% Price Drop

• Withdrawals of these tokens will not be permitted post May 20, 2024.
• Monero (XMR) would be delisted from the exchange on February 20, 2024.

Following Binance’s announcement that it would delist the Monero (XMR) privacy coin from its platform, the price of the privacy-focused cryptocurrency fell to levels not seen in months. Binance said on February 6 that Monero (XMR) would be delisted from the exchange on February 20, 2024, along with other currencies such as Aragon (ANT), Multichain (MULTI), and Vai (VAI).

The notice points out that all trade orders will be erased immediately after trading stops in each trading pair. It further mentions that withdrawals of these tokens will not be permitted post May 20, 2024.

Number of Points Taken Into Consideration

Even after May 21, users of delisted XMR may still have their funds converted into stablecoins via Binance, but the process “is not guaranteed,” the exchange said. Users’ Binance accounts will be credited with the stablecoins following the conversion, and a second notice will be sent before the conversion if relevant, according to the exchange.

A number of points are taken into consideration when deciding to delist XMR. These include the following: the contribution to a thriving and sustainable crypto ecosystem, proof of fraudulent or unethical behavior or negligence, and compliance to Binance’s periodic due diligence requests, among others.

Source: CoinMarketCap

Upon hearing the delisting announcement, the price of the Monero cryptocurrency dropped precipitously. According to statistics from CoinMarketCap, XMR lost about 38% of its value, as it crashed to a low of $103. The original intention of the 2014 debut of Monero was to facilitate anonymous, private transactions.

Highlighted Crypto News Today:

Solana Network Restored After Five-Hour Outage Post Validator Restart