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Monday, March 4, 2024

Important Binance Announcement Affecting These 12 Cryptocurrencies

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TL;DR

  • Binance has added 10 digital assets, including privacy coins like Monero (XMR) and Zcash (ZEC), to its closely monitored list, with potential risks of delisting based on various criteria.
  • Other exchanges like OKX are also scrutinizing privacy coins, aligning with international regulatory trends concerning these types of cryptocurrencies.

Binance to Pay Special Attention to These Cryptocurrencies

The world’s largest cryptocurrency exchange – Binance – announced the inclusion of 10 additional digital assets to its Monitoring Tag list. Those are the popular privacy coins Monero (XMR) and Zcash (ZEC), as well as other tokens such as Horizen (ZEN), Vai (VAI), Aragon (ANT), and more.

Assets in that section are closely monitored by Binance and are subject to regular reviews. Investors and traders should keep in mind that the exchange can delist some of those tokens should they not comply with necessary criteria, such as network stability, trading volume, development activity, level of public communication, and others.

A possible delisting from Binance could affect the price of the aforementioned coins negatively as it might hamper the liquidity and cause potential reputational damage. The announcement has already reflected on some of the mentioned assets. Horizen (ZEN) is down 7% since it came out.

ZEN Price, Source: CoinGecko

Additionally, the company removed GMX (GMX) and SushiSwap (SUSHI) from its Seed Tag list. The section replaced the Binance Innovation Zone, which focused on cryptocurrencies at their initial stages of development. GMX and SUSHI experienced little-to-no volatility following the disclosure.

Privacy Coins Under the Radar

As CryptoPotato reported last week, OKX also shifted its focus on privacy coins, removing XMR-BTC, DASH-BTC, ZEC-BTC, and other spot trading pairs from its platform.

Such assets have been on the radar of international watchdogs for quite a while. In February 2023, Dubai’s Virtual Assets Regulatory Authority (VARA) banned all activities with XMR, ZEC, and other tokens of that type.

The European Banking Authority also displayed a hostile stance in May, urging crypto organizations to stay vigilant for customers using privacy coins. Following that guidance, Binance vowed to stop providing services with them in Italy, France, Spain, and Poland. Nonetheless, it reversed its decision a month later.

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