Delisting of cryptocurrencies on Binance: Monero gives its response!

Following Binance’s announcement to delist several altcoins, Monero responded on its official X account. The firm reaffirmed its unwavering commitment to privacy. The exchange’s decision also sparked strong reactions within the crypto community.

Monero Maintains Its Commitment to Privacy

On February 6, Binance announced its decision to delist certain cryptocurrencies starting February 20, 2024. This includes Monero (XMR), recognized as one of the leading private cryptos in terms of market capitalization. This crypto is distinguished by its focus on transaction privacy and anonymity. Binance justified its choice with security concerns.

However, Monero quickly responded on its X (Twitter) account to give its reply following this decision.

Monero will never compromise on privacy.

You can trade Monero on other exchanges, on DEXs, and with atomic swaps. Please self-custody your XMR. https://t.co/Uba3GwZMRW

— Monero (XMR) (@monero) February 6, 2024

Monero insists on the fact that privacy and transaction security remain at the forefront of its priorities. The company encourages users to continue XMR trading on other platforms, which includes DEXs and atomic swaps. Monero also urges users to self-custody their cryptocurrencies (self-custody) to enhance security.

Is the Crypto Community Rallying Behind Monero?

The crypto community argues that Binance’s delisting of Monero is not justified by any particular security flaw.

Daniel Nita suggested on X that the case of Monero could be the precursor to a trend where altcoins would be primarily traded on DEXs, or not traded at all.

Monero itself attributes the delisting to Binance’s requirement that deposits must come from transparent addresses. This condition is indeed incompatible with the stealth addresses used by Monero since its inception.

Following Binance’s delisting announcement, the price of XMR dropped by more than 37%, closing yesterday at $105.4. Nevertheless, XMR has shown impressive resilience with a rebound of over 25% earlier today. This situation shows that community support could help Monero to recover from this drop.