Binance Halts Delisting Privacy Tokens On June 26 After Listening To The Community

Key Points:

• Binance has decided to revise its plan to delist privacy coins for customers in France, Italy, Spain, and Poland on June 26 after receiving feedback from the community and several projects.
• The exchange is revising its classification of privacy coins on its platform to comply with EU-wide regulatory requirements and local legislation requiring monitoring of listed currencies’ transactions.
• Binance’s move comes as the EU is hammering out clear legislation for digital assets with its new MiCA laws, which aim to make Europe a center for crypto and digital assets.

After modifying operations to meet with local legislation, Binance has decided to reconsider its proposal to delist many privacy currencies in Europe, Cointelegraph reported.

According to a message from the crypto exchange received on June 26:

“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.“

Originally, Binance planned to delist privacy tokens for customers in France, Italy, Spain, and Poland on June 26, leaving them unable to purchase or trade 12 privacy tokens.

Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), Monero XMR, and MobileCoin were among the currencies impacted by the ruling (MOB).

But, after the judgment was reversed, other projects, like Verge Currency and Secret Network, have turned to Twitter to reassure community members.

Binance‘s moves come as the EU has been hammering out its digital asset rules with its new Markets in Crypto-Assets (MiCA) laws, which were brought into law on May 31.

EU leaders want to make Europe a center for crypto and digital assets by enacting clear legislation. The European Securities and Markets Authority intends to initiate a MiCA consultation process in July, with the framework for the rules allowing for an 18-month implementation period.

The exchange also said that since it is a registered exchange in many European Union states, it is required to follow local legislation that requires exchanges to be able to monitor transactions for currencies listed on its platform.

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