Binance Bans Private Coin Trading in European Countries

Major cryptocurrency exchange Binance is ending trading of privacy-focused coins in France, Italy, Spain and Poland. From June 26, users from these countries will not be able to buy or sell Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT) private coins on the platform , Verge (XVG), Firo (FIRO), BEAM (BEAM), Monero (XMR) and MobileCoin (MOB).

A Binance representative gave a comment to the publication Cointelegraph: “While we strive to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy tokens to ensure we can continue to serve as many users as possible. As part of Binance’s ongoing compliance processes, we have contacted users to inform them that they will not be able to buy or trade privacy tokens on our platform after June 26th.”

In an email to French customers, Binance said it was no longer able to offer privacy-focused coins in several European countries due to local regulatory requirements.

The main purpose of anonymous (or private) cryptocurrencies is to ensure the confidentiality of financial transactions. However, it is precisely because of this property that they are popular with scammers and criminals. Attackers often use these tokens to hide the movement of stolen funds.

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