Crypto delisting on Binance: Monero gives its answer!

Following Binance’s announcement to delist several altcoins, Monero reacted on its official X account. The firm affirmed its unwavering commitment to confidentiality. This decision by the exchange also sparked strong reactions within the crypto community.

Monero maintains its commitment to privacy

On February 6, Binance announced its decision to delist certain cryptos effective February 20, 2024. This includes Monero (XMR), recognized as one of the leading private cryptos in terms of market capitalization. This crypto is indeed distinguished by its focus on confidentiality and anonymity of transactions. Binance motivated its choice by security concerns.

However, Monero quickly reacted on its X account (Twitter) to give his answer following this decision.

Monero insists that confidentiality and security of transactions remain at the forefront of its priorities. The company encourages users to continue trading XMR on other platforms, which includes DEXs and atomic swaps. Monero also incentivizes users to keep their cryptos themselves (self-custody) to enhance security.

The crypto community is rallying behind Monero?

The crypto community argues that Binance’s delisting of Monero is not justified by any security flaw.

Daniel Nita suggested, on X, that the case of Monero could be the prelude to a trend where altcoins would mainly be traded on DEXsotherwise not exchanged at all.

Monero itself attributes the delisting to Binance’s requirement that deposits come from transparent addresses. This condition is actually incompatible with stealth addresses used by Monero since he started.

Following Binance’s delisting announcement, the price of XMR fell by over 37%, closing yesterday at $105.4. Nonetheless, XMR shows impressive resilience by posting a rebound of more than 25% earlier today. This situation shows that community support could help Monero recover from this fall.