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Binance: the crypto-exchange delists Monero and XMR drops by -19%

The famous crypto-exchange Binance announced today the official delisting scheduled for 20/2 of four cryptocurrencies, including Monero (XMR). The news has shocked investors, to the point that XMR has recorded a price dump of -19% in the last few hours.

Binance announces the official delisting of Monero (XMR) from the crypto-exchange

Today, the famous crypto-exchange Binance announced that starting from February 20th there will be a delisting of four cryptos: Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR).

“Binance will delist the following tokens on February 20, 2024: $ANT, $MULTI, $VAI, and $XMR. Complete details here.”

Specifically, Binance has specified that the trading pairs that will be removed are: ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, XMR/USDT. 

The motivation behind this choice involving one of the oldest and most popular privacy cryptocurrencies, Monero, is that the cryptocurrency no longer meets the standards of the crypto exchange. 

Binance has also highlighted the factors it considers when deciding whether to delist a crypto-asset or not. 

Among others, the crypto-exchange has highlighted the team’s commitment to the project, the level and quality of development activity, the volume of trades and liquidity, the stability and security of the network against attacks, etc. 

Anyway, Monero and the other 3 cryptocurrencies will be removed not only from the trading platform, but also from Simple Earn, Auto-Invest, Loans, the Margin function, Gift Card, and more. 

Binance delists Monero and XMR drops by -19%

Just on this rather dark day for Monero, its crypto XMR has recorded a price dump of -19%.

At the time of writing, XMR is worth $132 compared to the $165 a few hours ago, just before the Binance news.

This is a stormy collapse for the 35th cryptocurrency by market capitalization, considering that in the last month, XMR seemed to be recording a bullish trend. In fact, in the last few days, it seemed that the price of Monero was returning above $170. 

Not only that, in the last 24 hours, in addition to the price dump, there has been a 127% increase in XMR trading volumes, which suggests there are sales.

The privacy crypto

This announcement is not really news. Last June 2023, in fact, Binance had already announced its intention to delist high-profile privacy-related cryptocurrencies. Even at that time, Monero had been mentioned in the list.

Not only that, at the beginning of January 2024, Binance had placed “tracking tags” on Monero and other cryptocurrencies, precisely to announce that there would be, sooner or later, a verdict on their continuous listing. 

This Binance tracking tag arrived at the same time as another crypto-exchange, OKX, had already announced the delisting of trading pairs that also include XMR.