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Monero Price Suffers 17% Drop on Binance Delisting

Monero experienced a significant drop in its price, with a decline of up to 17% on Tuesday, following Binance’s announcement that it would remove the privacy token from its platform.

Binance made the decision to delist four tokens, which included Aragon (ANT), Multichain (MULTI), Via (VAI), and Monero (XMR). The exchange attributed this move to a routine assessment of industry standards and changes.

Monero currently holds the 36th position among cryptocurrencies, boasting a market capitalization of over $2.5 billion. At the time of this report, its last recorded trading price was approximately $140.67.

Monero belongs to the category of privacy coins, designed to prioritize user privacy and anonymity. These coins incorporate specific features aimed at enhancing anonymity and reducing traceability, making it difficult to identify the sender, recipient, and transaction details.

According to CoinGecko, Monero employs unique cryptography methods to ensure the anonymity of its transactions. In an era marked by increasing transparency, the appeal of a token like Monero, which grants users control over their online data visibility, is evident.

Monero, along with its XMR token, was created to empower users in managing the visibility of their online data. It originated from Bytecoin in 2012 and was launched as a fork in July 2014, with a strong focus on providing anonymity.

Monero Delisting Spurs Debate on Privacy Coins

Binance’s decision to remove Monero from its platform has generated criticism from the X community. One user expressed their view, stating, “Monero continues to be one of the best privacy coins on the market… or off the market now. Binance having to remove it just proves this fact.”

Binance is not the only exchange that has taken steps to delist privacy coins. Last year, OKX also made a similar move, announcing its intention to remove eight privacy-focused coins, including Monero, ZCash, and Dash, citing concerns about their non-compliance with listing criteria.

Such removals are often driven by a combination of factors, including regulatory compliance and input from users. Privacy coins are under increased scrutiny to align with global standards, as they have faced inquiries regarding their potential involvement in criminal activities and their legal status in different countries.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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