Binance stops trading these cryptocurrencies by Crypto Horizon

2023-05-31 15:20:00

© Reuters Binance announces the suspension of trading of DASH, XMR and ZEC privacy coins in France

Several privacy currencies including Monero (XMR), Zcash (ZEC) and Dash (DASH) are set to be delisted in France by the world’s largest cryptocurrency exchange Binance.

It says emails it receives from users based in France that cited “local regulatory requirements” as the reason for disabling crypto-asset trading in the country.

The emails, received on Wednesday, said. The restrictions on tokens will become effective from June 26, 2023. As a result. The value of the highest specificity immediately decreased.

Binance says no to cryptocurrency privacy in France The new restrictions on privacy coins add to growing concerns in the cryptocurrency market in terms of regulatory scrutiny. In the form of the US Securities and Exchange Commission (SEC). Crypto industry participants face the biggest stumbling block in the most important financial market, the United States.

The email from Binance said: “As of June 26, 2023 . Users residing in France will not be able to buy or sell the following crypto assets on our platform: DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR, and MOB.”

With these restrictions, France joins the Dubai-based Virtual Asset Regulatory Authority (VARA) in acting against the trading of privacy coins. Meanwhile, it remains to be seen how these cryptocurrencies will fare in the next few weeks before the June 26 Binance Limit deadline.

Privacy coins come as a class of cryptocurrencies that provide privacy and anonymity. However, these cryptocurrencies are facing criticism regarding the potential risks of misuse for illegal activities such as money laundering.

On Wednesday, the 24-hour Zcash price fell by 3% while Monero dropped more than 2%.

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