Binance, the world’s largest cryptocurrency exchange, has faced significant regulatory scrutiny, particularly from financial watchdogs in the United States. As a result, the company has been exploring alternative opportunities in different jurisdictions. Initially, Binance announced its intention to remove several privacy coins from its platform. However, in a recent development, the exchange has reversed its decision and chose to retain these privacy coins.
Binance recently announced that users from Poland, Spain, France, and Italy would no longer have access to trade certain privacy coins. The affected coins were Decred [DCR], Dash [DASH], Zcash [ZEC], Horizen [ZEN], PIVX [PIVX], Navcoin [NAV], Secret [SCRT], Verge [XVG], Firo [FIRO], Beam [BEAM], Monero [XMR], and MobileCoin [MOB]. These assets were scheduled to be blocked on June 26.
The decision was made in response to the regulations in European Union jurisdictions. Binance stated that it is compelled to comply with local laws. It mandated exchanges have the capability to monitor transactions for the listed coins on their platform. Therefore, the exchange was “obligated” to adhere to the regulators. However, this did not come through. Binance, in a recent comment, wrote,
“After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.“
Binance has updated its policy on privacy coins. It has confirmed that seven cryptocurrencies, specifically Decred, Secret, Verge, Navcoin, Zcash, Dash, and PIVX, will continue to be listed on its platforms. It should, however, be noted that the prominent privacy coin, XMR wasn’t mentioned on the list.
Binance instills hope into privacy coin networks
Several networks took to Twitter, to announce that their respective assets were still listed on the exchange. While most of these assets were plummeting, Zcash was pocketing gains amidst this news. The asset was trading for a daily high of $30.87 with a 2.4% daily surge.