The panic level among crypto investors for XMR rose seriously, when the top crypto exchange decided to remove it from the platform.
Monero (XMR) is a popular privacy blockchain network that can be used to transfer money without leaving behind the identities of the sender and recipient. Monero differs from public Crypto networks because tracing the transaction through the Monero network is virtually impossible. XMR coins are very popular among bad actors who trade illegal goods digitally.
On February 6, 2024, Binance Crypto Exchange announced that it would be removing the XMR coin from the platform along with three other crypto assets.
After the announcement, PEERcoin’s trading price fell 17% within minutes.
The Binance team always monitors the listed crypto assets to ensure that the listed cryptocurrencies meet the exchange’s listing criteria.
As part of the latest delisting decision, Binance will end trading in ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT on February 20. 2024, at 03:00 UTC.
After the delisting news, the Argon (ANT) token also crashed by almost 3% but suddenly recovered.
After this announcement, the Multichain (MULTI) token crashed by 25% within minutes. This level of panic is common among multi-token investors, as the founders of the Multichain crypto platform already disappeared in China. Chinese police have reportedly arrested him and his few family members in connection with an alleged cryptocurrency money laundering case.
Some media reports drew attention to the legal hurdles Binance is currently facing in the US jurisdiction and they claimed that Binance has delisted Monero Cryptocurrency because this cryptocurrency can easily allow bad actors to trade illegal goods and services.
Recently, a family of Hamas victims filed charges against Binance & Binance co-founder Changpeng Zhao (CZ) for allowing people to use the exchange without any full KYC registration, which helped Hamas terrorists use Binance as a terrorist financing instrument.
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