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.
For those seeking deeper insights into the cryptocurrency market and premium crypto signals, our platform offers a comprehensive resource to navigate these turbulent waters effectively. Take a look today!
Interested In Becoming A Learn2Trade Affiliate? Join Us Here
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.