Wed 21 Feb 2024 ▪4min read ▪ byEddy S.
The announcement of Monero’s delisting by Binance on February 20th has exploded like a bombshell. Behind this technical decision lies a relentless power struggle between proponents of anonymous crypto and states wanting to ban them. Monero has become the symbol of this ideological battle with colossal stakes.
Monero, the Crypto That Drives Regulators Mad
With its untraceable transactions, Monero embodies the nightmare of regulators. Its privacy technology prevents the tracking of financial flows, unlike Bitcoin, for example. This makes it easier to launder money and finance illicit activities, according to its detractors.
Some governments, like the United States or the United Kingdom, have therefore decided to crack down by forcing exchanges to delist anonymous cryptos. Binance finally succumbed to pressure by banning Monero on February 20th.
But aficionados of private currencies are crying foul over censorship and infringement of individual freedoms. The battle is just beginning.
Towards Outright Prohibition?
The delisting of Monero by Binance is probably only the first step. Most experts believe that regulators will ultimately ban anonymous cryptos completely, viewing them as a systemic threat.
The question remains as to how they will technically implement this, as these decentralized currencies are inherently beyond any state control.
Some states might sanction the possession of Monero, others might inhibit its use within their territories. Radical measures which would provoke an outcry among crypto enthusiasts, who are already up in arms.
If a total ban is enacted, it could precipitate the creation of an even more untraceable alternative to Monero or favor the emergence of parallel crypto networks out of regulators’ reach. In short, the war is far from over for the states.
The Outcome of This War Remains Uncertain
It is difficult to predict the outcome of this relentless tug-of-war between regulators and enthusiasts of anonymous crypto. States have powerful tools to coerce ecosystem players. But history has shown the difficulty of eradicating decentralized technologies.
Whatever the outcome of this battle, it will have had the merit of raising a fundamental debate. Should anonymity be sacrificed on the altar of security and control? Or should it be defended as an essential political right? Beyond Monero, it’s the whole philosophy of cryptocurrencies that is being questioned.
With its stealthy, undetectable technology, Monero shakes up regulators who see it as a threat to be eradicated. The delisting by Binance seems to be just the first step towards a strict prohibition of anonymous crypto. But advocates of these rebellious currencies will not surrender without a fight. The war has only just begun.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Eddy S.
Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
FAQs
At the time, Binance cited that its reasons for delisting bordered on regulatory concerns, particularly in the area of anti-money laundering (AML) laws. This immediately had a daunting effect on the token, causing it to plummet over 35% to $100.
Why was Monero removed from Binance? ›
Monero is known for its strong privacy features. The delisting of XMR by Binance shows the ongoing regulatory pressure on privacy coins. These coins often face scrutiny due to their potential use in illicit activities.
Why has XMR been delisted? ›
The decision to delist XMR is based on various factors, including “contribution to a healthy and sustainable crypto ecosystem,” “evidence of unethical or fraudulent conduct or negligence,” as well as responsiveness to Binance's periodic due diligence requests and others.
What happens if a coin is delisted from Binance? ›
When a coin gets delisted from an exchange, you have three options: transfer the coins to another exchange, hold the coins, or sell the coins.
Why is Monero banned? ›
Monero is a privacy crypto designed to confuse anyone investigating transactions. Its techniques break transactions into smaller amounts and mix them up, making them nearly impossible to trace. For this reason, it is illegal to use in some countries, while others allow it but monitor transactions carefully.
Why is Monero suspended? ›
The attribution of Monero to illicit markets has influenced some exchanges to forgo listing it. This has made it more difficult for users to exchange Monero for fiat currencies or other cryptocurrencies. Exchanges in South Korea and Australia have delisted Monero and other privacy coins due to regulatory pressure.
Is Monero still untraceable in 2024? ›
Launched in 2014, it has established itself as the most private, secure and untraceable digital currency available. Monero's advanced privacy features make it virtually impossible to trace transactions or connect them to individual users.
What happens to delisted coins? ›
After delisting, most assets usually lose value sharply due to massive sales and minimal purchases. The crypto whales and giant stock investors lose interest in these possessions and withdraw their money. As a result, the hard-earned money from other investors may lose value sharply.
Can a delisted crypto be listed again? ›
An asset can no longer be purchased or sold on an exchange after it has been delisted. A delisting is typically permanent, but a project's asset might get relisted in exceptional circ*mstances. If a business is purchased or becomes private, it may be delisted voluntarily.
Is Monero dying? ›
Due to privacy concerns and regulatory crackdowns, Monero has been delisted or has never been listed on many major exchanges over unjust fears and assumptions that privacy coins are only used by criminals and for money laundering. The truth is, financial privacy is a basic right that everyone deserves.
The process involves creating accounts on both exchanges, checking coin support, generating a deposit address, initiating a withdrawal, and confirming the transaction. However, you may need to pay a withdrawal fee to transfer the coins from the delisted exchange to another exchange.
Should I take my coins off Binance? ›
Binance is one of the safer exchanges compared to others. So if you're actively trading crypto and need to keep it on an exchange, Binance is a pretty secure choice. However, if you're holding large amounts of crypto long term, a private hardware wallet may be a better choice than keeping it on an exchange.
How do I get crypto back from Binance? ›
1. From the Binance.US mobile app, tap Portfolio and then Withdraw. 2. Select the cryptocurrency you would like to withdraw.
Is Monero blacklisted? ›
Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency. Merchants and individuals accepting Monero do not need to worry about blacklisted or tainted coins.
Can the government trace Monero? ›
A Finnish law enforcement agency, the National Bureau of Investigation (NBI), recently claimed that it may have found a way to trace the privacy coin Monero. However, proponents of the privacy coin have dismissed the agency's claims and insisted that the cryptocurrency is still untraceable.
Why can't i buy XMR on Binance? ›
Note: This coin is not listed on Binance for trade and service.
Why is Monero locked? ›
With Monero (XMR), you need to wait for 10 confirmations before the Monero you received becomes available. This means that newly received funds or change returned to your wallet from transactions you sent will be locked until they reach 10 confirmations.
