{"id":573694,"date":"2024-02-07T03:00:14","date_gmt":"2024-02-07T03:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=573694"},"modified":"2024-02-06T18:57:05","modified_gmt":"2024-02-06T18:57:05","slug":"monero-plummets-following-major-crypto-exchange-delisting-are-more-losses-imminent","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/monero-xmr\/monero-plummets-following-major-crypto-exchange-delisting-are-more-losses-imminent\/","title":{"rendered":"Monero Plummets Following Major Crypto Exchange Delisting, Are More Losses Imminent?"},"content":{"rendered":"

On February 6, Monero (XMR), a privacy and security-focused token, saw its price drop after Binance, one of the largest crypto exchanges, announced its delisting in the following weeks<\/a>\u00a0alongside another three tokens.<\/p>\n

Monero (XMR) To Be Delisted This Month<\/h2>\n
Binance recently announced<\/a> the delisting and cease of all trading activity of Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) starting on February 20, 2024, at 03:00 (UTC). The decision came after Binance\u2019s most recent review, which determined that the platform could no longer support the tokens.<\/p>\n
Following the review of digital assets in the exchange, Binance revealed its resolution to delist these tokens, affirming that they no longer met the exchange\u2019s standards. Some of the factors the decision was based on include \u201cevidence of unethical or fraudulent conduct or negligence\u201d and \u201ccontribution to a healthy and sustainable crypto ecosystem.\u201d<\/p>\n
Binance has announced<\/a> the removal of Monero’s trading pairs, including XMR\/BNB, XMR\/BTC, XMR\/ETH, and XMR\/USDT, from the platform. All trade orders will be automatically removed once the trading ceases.<\/p>\n
Additionally, any XMR deposit done after February 21, 2024, at 03:00 (UTC), won\u2019t be credited to the user\u2019s accounts, and withdrawals of XMR will be supported until May 20, 2024. Binance also informed that XMR tokens may be converted into stablecoins on behalf of users after the withdrawal deadline, although it \u201cis not guaranteed.\u201d<\/p>\n

Binance Faces Criticism Upon Delisting News<\/h2>\n
A plunge in Monero’s price immediately followed the announcement. According to data from CoinGecko<\/a>, XMR went from trading at $165 before the announcement to $148 in the following 30 minutes. Since then, the token has continued to dive lower, trading at $111,85 at writing time, accounting for a 32.7% drop in the last 24 hours.<\/p>\n
The crypto community received the news with concerns. Several users questioned the reasons for Monero\u2019s delisting and expressed disappointment in the exchange\u2019s decision.<\/p>\n
The team behind Monero shared on its X account (formerly known as Twitter) that the delisting comes after Binance’s new requirement. The crypto exchange stated that deposits must come from a “publicly transparent address, which Monero doesn\u2019t allow.”<\/p>\n
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The delisting is happening because Binance is now requiring that deposits come from a publicly transparent address. Monero has used stealth addresses for ALL addresses since it\u2019s launch in April 2014<\/p>\n
Monero allows selective disclosure with view keys but not a transparent address<\/p>\n
— Monero (XMR) (@monero) February 6, 2024<\/a><\/p><\/blockquote>\n