Crypto: Binance delists Monero, XMR falls by 19%!

The crypto exchange Binance has declared that it will cease listing Monero (XMR) as of February 20. This news prompted a precipitous drop of more than 19% in the token’s value. This measure, taken for security reasons, does not only affect Monero. Indeed, other cryptos will also be excluded from Binance’s catalog.

The crypto Monero (XRM) soon to be delisted from Binance

Binance will delist Monero, the privacy-focused crypto, from its offerings. However, this raised little surprise. Already at the beginning of the year, Binance had marked Monero and some other cryptos with a sign of caution. OKX, another exchange platform, had made a similar decision in January.

Binance highlighted several criteria justifying a crypto’s delisting. This includes transaction volume, liquidity, security, and quality of public communication. Binance conducts periodic reviews to verify that the listed cryptos continue to meet its high standards.

“If an asset no longer meets these criteria, or if the industry evolves,” the platform explains, “the exchange conducts a more rigorous review“

The objective is clear: to ensure the safety and protection of its users by removing the concerned assets from the listing.

Immediate Impact on XRM Price

The immediate consequence of this announcement was a drastic 19% drop in the value of the Monero crypto. This brought the price of XRM down to $130.5. Despite this drop, the 24-hour trading volume saw a significant increase, exceeding 123.38%.

Monero is not the only one to bear the brunt of this policy, but it is one of the tokens with the largest capitalization affected by this measure. Indeed, the crypto ranks 35th with a market capitalization of $2.6 billion.

In addition to Monero, Binance has announced the withdrawal of other cryptos such as Aragon (ANT), Multichain (MULTI), and Vai (VAI). Aragon is known for its platform facilitating the creation and management of DAOs, while Multichain specializes in the interconnection of assets and NFTs across various blockchains.

These removals are part of a context of increasing regulatory pressures on crypto exchanges in recent years.