Binance has decided to reverse plans to delist several privacy coins in Europe after modifying operations to comply with local regulations.
Binance stated in the cryptocurrency exchange comments it received on June 26:
“After careful consideration of feedback from our community and several projects, we have revised the way privacy coins are categorized on our platform to comply with EU-wide regulatory requirements.”
It also commented that since it is an exchange registered in various EU jurisdictions, it is “obliged” to comply with local regulations requiring exchanges to “be able to monitor the trading of tokens listed on our platform.”
Initially, Binance planned to delist privacy coins for users in France, Italy, Spain, and Poland, making them unable to buy and sell 12 privacy coins starting June 26.
According to emails received by users, BEAM, XMR, MOB, FIRO and ZEN are still restricted.
Since the overall ban was lifted, various items have been tweeted to appease community members. Vergecoin released an update back on June 22:
we are happy to inform you $XVG will not be affected @binancetransaction limit #privacy Coins of certain EU countries.
Verge utilizes public #blockchain Has visible transactions, amounts and wallet addresses. #vergefam #cryptocurrency #ISO20022
— VergeCurrency (XVG) (@vergecurrency) June 22, 2023
The Secret Network also released renew It is said that it is one of the currencies that Binance will not delist.
related: Binance Sees United Arab Emirates as ‘Focus’ for Future Operations
Binance’s decisions come as the European Union has been refining its digital asset standards with new Markets in Cryptoassets (MiCA) regulations, which were signed into law on May 31.
With clear regulations, EU policymakers aim to make Europe a hub for cryptocurrencies and digital assets. In July, the European Securities and Markets Authority plans to launch the MiCA consultation process, with the legal framework allowing 18 months for full entry into force.
Industry players such as cryptocurrency payment service provider Ripple have welcomed the clarity of the MiCA regulation.
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