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Monero (XMR), renowned for its robust privacy features in the cryptocurrency realm, saw a significant downturn, plummeting to its lowest point in 20 months on Tuesday. The nosedive followed Binance’s declaration of its intention to delist Monero alongside three other tokens, dealing a blow to the digital currency’s standing in the market.
In a blog post, Binance cited deficiencies in meeting its stringent criteria as the rationale behind the decision to cease trading and deposits for Monero, Aragon (ANT), Multichain (MULTI), and Vai (VAI), effective February 20. Traders are granted a grace period until May 20 to withdraw their assets.
Monero, celebrated for its ability to shield user identities and transactions from prying eyes, has often found itself in the crosshairs of regulators and law enforcement agencies due to concerns over potential exploitation for illicit activities like money laundering.
The move by Binance mirrors a broader trend within the industry, with other major exchanges, like OKX, having previously delisted Monero and fellow privacy coins Dash (DASH) and ZCash (ZCH) last year, further exacerbating the challenges faced by these privacy-centric assets.
The remaining tokens impacted by Binance’s decision have their own tales of adversity. Multichain, a pioneering protocol facilitating cross-chain transactions, suffered a devastating $130 million hack in July, leading to the cessation of its operations following the arrest of its CEO and his sister by Chinese authorities.
Meanwhile, Aragon, a platform dedicated to decentralized organization management, and Vai, a stablecoin backed by Binance, exhibited muted price reactions post-announcement.
Monero Loses Almost Half of Its Value
Market data from TradingView shows that Monero dropped to $100.40 on Tuesday, marking its lowest valuation since June 2022 and representing a 40% decline from the previous day’s figures.
The delisting announcement has sent shockwaves through the crypto community, prompting investors to reassess their positions amidst heightened volatility.
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