Bitrabo Editorial
Binance, a popular cryptocurrency exchange, will no longer list privacy coins in certain countries, with the new policy taking effect on June 26th in France, Italy, Poland, and Spain. As a result, twelve privacy coins, including Monero, Beam, and Zcash, will be impacted and will no longer be available for trade on the platform in those countries. According to Binance, regulatory compliance concerns have led to the removal of privacy coins from the market.
Privacy coins, a unique type of cryptocurrency, aim to enhance user anonymity by using technologies like zero-knowledge proofs. This technology enables users to conceal details of transactions, making it difficult for entities to trace the transaction details such as the identities of the sender and receiver.
Governments worldwide are concerned over money-laundering risks, leading to regulatory pressures to ban these privacy-enhanced cryptocurrencies. The European Union is reportedly contemplating implementing new regulations that could prohibit privacy coins, while the European Banking Authority has released draft guidance advising crypto companies to remain vigilant for customers engaging in privacy coin transactions.
The move by Binance is not unique and is part of a broader global trend of delisting privacy coins by cryptocurrency exchanges in Japan, South Korea, and the US due to regulatory concerns.
Featured Image From UnSplash, Chart From TradingView.com