Crypto exchange Binance said it will stop listing Monero (XMR) starting February 20. This news caused a dizzying drop of more than 19% in the value of the token. This measure, taken for security reasons, does not only affect Monero. Indeed, other cryptos will also be excluded from the Binance catalog.
Crypto Monero (XRM) soon to be removed from Binance
Binance to delist Monero, the privacy-focused crypto, of its offering. However, this came as little surprise. Already at the start of the year, Binance had marked Monero and certain other cryptos with a vigilance sign. OKX, another exchange, made a similar decision in January.
Binance highlighted several criteria justifying the withdrawal of a crypto. This includes the trading volume, liquidity, security, and quality of communication with the public. Binance conducts periodic reviews to verify that the cryptos listed still meet its high standards.
“ If an asset no longer meets these criteria, or if the industry evolves,” explains the platform, “the exchange performs a more rigorous review »
The objective is clear: to guarantee the security and protection of its users by removing the affected assets from the list.
Immediate impact on the price of XRM
The immediate consequence of this announcement was a drastic drop of 19% of the value of the crypto Monero. This caused the price of XRM to fall to $130.5. Despite this drop, the 24-hour trading volume saw a significant increase, exceeding 123.38%.
Monero is not the only one to pay the price for this policy, but it is one of the tokens with the largest capitalization affected by this measure. Indeed, crypto ranks 35th with a market capitalization of $2.6 billion.
In addition to Monero, Binance announced the withdrawal of other cryptos such as Aragon (ANT), Multichain (MULTI), and Vai (VAI). Aragon is recognized for its platform facilitating the creation and management of DAOs, while Multichain specializes in interconnecting assets and NFTs across various blockchains.
These removals come against a backdrop of increasing regulatory pressures on crypto exchanges in recent years.
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