Categories: News

Binance Stops Trading Of Privacy Coins In France

Key Points:

  • Binance is said to be stopping the trade of privacy currencies in France, Poland, and Italy next month.
  • On June 26, all spot transactions and privacy coin deposits will be stopped, according to the statement.
  • According to critics, cryptocurrencies facilitate money laundering, terrorist funding, and other criminal acts.
Binance, the world’s biggest cryptocurrency exchange, has taken an important step to meet local regulatory requirements in France, Poland, and Italy.
Binance Stops Trading Of Privacy Coins In France 3

The exchange notified in an email to customers in certain countries that it would cease trading in privacy-focused cryptocurrencies.

From June 26, Binance clients in France, Italy, Poland, and Spain will no longer be allowed to trade privacy coins.

Privacy coins are a kind of cryptocurrency that provides privacy and anonymity. Nonetheless, these coins have been criticized for their possible use in criminal operations such as money laundering.

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) are among the tokens impacted.

Binance’s move is in response to calls from financial institutions and regulatory agencies in countries like France, Poland, and Italy to establish tougher steps to monitor and regulate cryptocurrencies in order to avoid money laundering, terrorist funding, and tax evasion.

Binance Stops Trading Of Privacy Coins In France 4

Moreover, Binance noted that it would assist its customers in complying with new rules and will allow time for users to securely remove their holdings after the suspension of trade in privacy-focused cryptocurrencies.

The new limits on privacy coins add to the crypto market’s rising anxieties about regulatory monitoring. The United States Securities and Exchange Commission (SEC) is the main stumbling obstacle for crypto sector players in the world’s most significant financial market.

France now follows Dubai’s Virtual Asset Regulatory Authority (VARA) in prohibiting the trade of privacy coins. Nonetheless, it remains to be seen how these currencies will do in the next weeks as the Binance limits deadline approaches on June 26.

Binance also stated a few weeks ago that it would halt operations in Canada, citing the difficult regulatory climate.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.