Privacy coins in Europe: Binance makes an about-face

Binance’s decision on May 30 to remove privacy coins from its trading portfolio in certain European Union countries had created a stir in the crypto world. This unexpected resolution had raised a wave of discontent among a large part of its users. Faced with the scale of the dispute, the crypto exchange was able to show flexibility and reviewed its position.

Turnaround about a month later

Under pressure from European regulators, Binance announced its decision to delist crypto Monero (XMR) and other privacy coins last May. These include Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Verge (XVG). The largest crypto exchange in terms of transaction volume has therefore informed its users that it will withdraw these privacy coins in Spain, Italy and Poland.

A decision which should come into force on June 26, except that in the meantime, water has flowed under the bridges. The Block media reveals that the company reviews its privacy coin classification policy. Some cryptocurrencies could therefore be removed from the initial list, thus allowing users from the European countries concerned to continue to carry out their transactions in a beautiful way.

“After carefully reviewing feedback from our community and multiple projects, we have revised how we categorize privacy coins on our platform to comply with EU regulatory requirements,” a Binance spokesperson said.

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The reasons for this reversal

Binance’s decision follows recent conclusive discussions between the exchange, the community, and influential players in the crypto industry. A tweet from the Secret Network blockchain team published on June 23 was already raising questions.

“You spoke and Binance listened. Binance will not remove SCRT, along with six other privacy-focused cryptocurrencies, from European countries,” Secret Network hinted. Verge team added, “We are happy to inform you that XVG will not be affected by Binance’s trading restrictions on privacy coins in certain EU countries.”

Binance has been the target of numerous regulatory assaults in recent weeks. Recently, the CZ crypto exchange was banned from any crypto-related activity in Belgium. The platform is therefore letting go of the ballast by revising its privacy coin classification policy. A decision that will obviously give hope to its users.

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