Bitcoin Forum

The deadline is Feb/20.

https://www.binance.com/en/feed/post/585415


It is finally happening. Monero is down -11% after the news. Personally i think this is a good buying opportunity. * Fuck the regulatories. We need to show them we are bigger than them.

Remember:

In 2030, “you will nothing and still happy. You won’t have any privacy.”

Fuck that

*Update: Binance disabled XMR withdrawals. I can’t tell you if you should buy or sell. Your decision.
Source: https://old.reddit.com/r/Monero/comments/1ak9cvv/binance_xmr_withdrawals_have_already_ended_sorry/

Update 2: Withdrawals will return it seems. It is temporary according to binance.
https://old.reddit.com/r/Monero/comments/1ak9lxf/all_cheap_xmr_has_been_bought_and_withdrawn_from/

Update 3: Binance resumed xmr withdrawals now I checked. Get out while you can imo.

Well, that is something I did not expect to read but I guess it was also a matter of time before regulators pressured Binance into taking such step. It is very sad news, I liked having Monero as an option to withdraw from Binance because of the very small withdrawal fees it had and the relatively fast transaction times compared to Bitcoin when the Mempool is congested.
Even though, this is indeed bad news for the price of Monero and other privacy coins, some people who are into them and like to preserve the right to privacy could argue that in the long term the exclusion of Monero from exchanges will benefit the community by forcing it to develop decentralized solutions for people to get access to liquidity and swaps. Who knows.

I have got the impression Monero is one of those projects wichi have a strong community and strong backing from developers and users, so this won't be the end of the coin or it's Blockchain. Let us see what happens next.
I'd wish there was a way to separate those who try to launder money from the legitimate users who just want to keep their privacy, by the way.

That's such hard blow even though it is not too surprising but still feels like the privacy coins will slowly be forgotten with such news. Perhaps other exchanges will still maintain the privacy market.
Maybe part of the reason binance decided to delist is because of the low interest from the community. It seems to me not very many people using privacy coins to hold their assets.
I remember back in the days when privacy coins where very popular among the crypto community.

They are still popular among the people who care for their privacy... Those who don't, well, they use the mainstream coins. Monero especially is the flagship, the OG of all privacy coins.

Now I wonder... when will theymos ban discussing privacy coins because the authorities don't like them?

tI looks to me, sooner or later it will come to that.

You are right. but I think that is for very long term. don't know about other projects but I am sure monero will get through this. It'll take time tho. but if someone has money and patience then he might considering filling his monero bag now. NFA

Hahaha. I hope a public discussion forum will not fall victim of govts. if privacy coins get blacklisted by every place then I am afraid the situation might be a lot worse for them than we are thinking.

That's a good thing, right? One doesn't just don't use KYC exchanges to buy privacy coins!
It's also a testimony to how well privacy coins work. Sure, Monero dropped 16% in dollar value over this, but that's just people speculating. Let me guess: they even kept their "privacy coin" on Binance's exchange? Lol.

Binance disabled xmr withdrawals. Buying the dip probably isn’t the brightest idea anymore. I didn’t have any problems with them delisting it but disabling the withdrawals is a huge dick move and I will clear everything in my Binance account when the dust settles. They are basically forcing everyone to sell cheap now. This is robbery. This is theft. Fuck binance.

Honestly, I don't see any reason for concern, much less the devaluation.

If the goal of XMR was to maintain privacy, what point did it make to use Binance's XMR? Privacy ends immediately, as KYC has to be done.

People chase news a lot and don't even think about it. Even worse were those who used XMR on Binance, and then came here to argue that XMR was better because of privacy. ::)

It is nobody’s business if people prefer to buy thelr xmr’s from binance. I don’t think it is the smartest move too but either way binance just fucked their customers over big time.

They offered a service, they listed a coin on their platform. Whether it is a privacy coin or not it doesn’t matter. They declared that they will be delisting it, which I have no problem with, but not letting people withdraw their money?

That’s a scam. If binance had a representative here, I would give him a red trust rating for this and a flag.

Right now the whole market is crashing and the reason is binance. If anybody lost money today, sue binance and good luck.

I don't want to be here defending Binance, but in this case they are following proper procedures.

First, being a private company, they are not required to list all cryptos, or keep them listed forever.

Then, as mentioned in the OP link, Binance warned that it could withdraw XMR and others in June 2023, more than 6 months ago. And now it informs 20 days in advance that XMR will no longer be listed. Giving people enough time to withdraw their funds. Furthermore, if you do not do so, you will be able to convert XMR and other currencies into stablecoins after February 20th.


Therefore, in this case, I do not see any unfair attitude towards customers and it does not seem to me that they will deprive customers of their funds.

Sorry but you are full of shit. No offense. I understand this was a temporary measurement, I panicked a bit, my bad.

This is theft no matter how you try to spin it. There was no warning before they disabled the withdrawals.

People are getting forced to sell for 1/4 less than what they could yesterday.

Shit like that won’t ease people into crypto that’s for sure. Many people will leave and never come back.

Edit:

According to binance, they disabled withdrawals temporarily.
https://old.reddit.com/r/Monero/comments/1ak9lxf/all_cheap_xmr_has_been_bought_and_withdrawn_from/

Don’t panic, yet.

De-listing of XMR were expected. But I'm surprised that Zec is also included. Sure it is a privacy coin but I hadn't herd much about it being delisted on centralized exchange.
I personally have my binance ZEC address given to a site that provides me my weekly commission in ZEC. Now I need to change that address if they allow it.
Except for that, I don't hold any XMR and ZEC and have no plan of buying them. It hurts to see privacy based coins which are the true crypto-currency being attacked by the law enforcement but not much we can do against them and have no other options than to comply.

And you're surprised? Wait until you read this topic (https://bitcointalk.org/index.php?topic=5370726.msg58754769#msg58754769)!

That reminds me of this post:
What if Binance was selling "fractional reserve Monero" and now gets a huge discount to cover it up?

I just recovered from the panic mode and this post isn’t helping. Lol I don’t even hold too much money there btw. I am panicking because I don’t want to get fucked over even if it is a few bucks.

Yeah that hot wallet may never get filled again.

Sorry, I'm not here to offer comfort :P

So withdraw another coin, and exchange to Monero again. This time use an anonymous service. The value of your Monero on Binance dropped, but it also dropped wherever you'll buy it next. So other than trading fees, you shoulnd't lose much. And getting away from Binance is a big win!

I saw the news earlier today and didn't take action. I should have been on a short to hedge against some of my XMR coins. I knew this was going to come when Binance bent the kneel to the US govt. It's only going to get worse for XMR as more exchanges will delist it as well. I think the plan is to remove  liquidity that privacy coins currently have to the bare minimum - enough to discourage people on its usage.

Sad to see an OG coin like XMR taking so much heat.

It was already expected that at some point it would leave trading on Binance, I read on the Brazilian website livecoins.com.br that it had already been on the monitoring list for some time, so it was already somewhat predictable...

and it also makes no sense to KYC and trade privacy coins.


website publication on January 4th: https://livecoins.com.br/binance-ameaca-remover-10-criptomoedas-de-privacidade-incluindo-monero-e-zcash/

binance announcement: https://www.binance.com/en/support/announcement/binance-will-extend-the-monitoring-tag-to-include-ant-firo-kp3r-mdx-mob-reef-vai-xmr-zec-zen-and-remove-the-seed-tag-for-gmx-sushi-on-2024-01-04-fd710b5e647c480ab9fe2d87e3cd4b39

No?

You can trade anything you are allowed to on an exchange. What is the difference between trading btc or xmr on an exchange as long as you are not interested in withdrawing your XMR? To these people, XMR is just another asset like LTC, BTC, ETH or Doge... Its intrinsic value has no meaning to these traders. They will trade anything that breathes or moves. As long as it is going up and down and sometimes sideways, it can be traded.  8)

edit:

Down 30% weeeee

I wrote to messages that it didn't make sense to see this from Binance's side and not the traders' side. Traders trade everything, even mom and dad if they can lol

Well, we can still buy them on instant exchanges and we will get them for cheap. Don't we ?

Isn't it a good deal to buy some XMR outside binance and keep them in our personal wallet. I guess the use case of XMR will make it pump again soon once this binace drama is over. The whole dark web uses XMR, isn't ?

If you know an exchange that doesn't fuck their customers over, you can do that. Just be sure that you can withdraw your cheaply bought coins. XMR will survive this mess, it existed before Binance and hopefully it will exist even after Binance goes down.

This just means that Cex will cooperate with authorities and dont want to be associated with privacy coins either due to regulations. Well thats how it goes. Its not like its the end of the world for monero and other privacy coins. There are other people who love their tech and will continue to use that anyway.

I dont hold any privacy coins but this is a grave news as it can be seen on the downfall of the price right away.

You made the right conclusion why delisting is happening. But I’ll add on the rest. Of course, this is not the end for anonymous cryptocurrencies, but their cost is also very important. After all, the cost is determined not only by the utility of the coin, but also by the ability to trade it as an asset to benefit. Purely technically, user A will send user B, for example, 1 XMR without any problems. But the cost of 1 XMR today is already lower than it was yesterday. That is, I want to say that this will affect settlements such anonymous cryptocurrencies. After all, this is not a stablecoin that is pegged to the US dollar.

Binance.com sadly seems to have a lot of power in the crypto world.
But internesting. Down 30% last 24 hours. I buy some.

Trading volume last 24h: Up 245.99%


Regardless of the reason and correctness of the decision to delist XMR, the mere act of removing a coin from trading on Binance is enough to cause a significant drop in value. I also expect that this is just another bad day at the office for XMR.

Of all the top exchanges, Binance, should understand more about what it means to cooperate with authorities regarding regulation matters, I'm sure that after the issues that their former CEO, CZ, had in the US, they'll be more than willing to comply with regulations. So if Binance is doing away with privacy coins like Monero, then they have a good reason to do so, being a centralized exchange, they'll want to comply with authorities and get investors KYC. This is not the end of Monero, and the likes, because they're still relevant in the crypto space without Binance.

This is honestly both bad and good news.

This is bad news for binance because I am sure many of their users use these coins and now they might seek other ways to access these coins outside of binance this is also proof of how centralized exchanges would be soon ruled by the government with their implementation of rules and regulations a lot of the centralized exchanges would have to cater and obey these protocols in order to keep their company alive

On the other hand, this is a good news for the privacy community these privacy coins are meant to keep identity from leaking so it must be decentralized in nature now without binance it can be used accordingly

To hell with the regulators, sad to see they have finally succeeded in getting one of the most reliable privacy coin and look at our helplessness we are forced to use centralized exchanges due to poor UI and volumes at DEX and this is the area which centralized exchanges have capitalized and now regulators are pressurizing centralized exchanges to remove any coin they want and exchanges being patronized by regulators.

Our community is not so strong to buy XMR when it's dumping to show support that we will not be suppressed with these tactics as objective of many of us is money and we are dancing to their tunes.  

If a coin is delisted from a particular exchange that doesn’t mean you can’t get it on other exchanges. You can actually use other decentralized exchanges to actually get it. But this idea of buying a dip of Altcoins is something I sometimes see as a very risky move. Although Monero is actually one of the best performing Altcoins out there in fact my favorite altcoin due to its anonymity nature and looking at its potential you will see it is not a dump and pump coin but still it is an altcoin and buying its dip is more of a gamble than an investment strategy. So even if you want to ape in just go for an amount you can afford to lose.


This move signifies that once you pass out your KYC details to them it is as simple as the government getting hold of it. I don’t see this as bad news for privacy coins to be fear, they shouldn’t even be on KYC platforms in the first place

It went as low as 100 bucks recently. ($100.4 is the lowest for now)

https://www.talkimg.com/images/2024/02/06/vzsBa.png

Sub $100 soon?

Calm down boy, there's no point in panicking. They just said that it would no longer be possible to trade XMR, you will be able to withdraw the money.

If you think about it, it was actually a positive move to temporarily block withdrawals. This kind of makes the market calm down a little, so that everything doesn't go into panic. In fact, it is a traditional strategy, which even occurs in the traditional stock market, to block negotiations on an asset, so that people do not act on impulse.

You'll be able to remove all your coins from there, calmly and calmly, you'll see.


It seems that XMR is already recovering a little from this fall, in addition, XMR has already been devaluing since the beginning of the year, now it has only seen a spike, which has practically returned to the value it had before the announcement.

Typo error, it should be XMR and not XRP and you are right the price has recovered a little.

I was reading the blog post of Binance and they said the reason is "When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it,"

What standards were not met? To me, it looks like pressure from the US first, it was OKX, and now Binance. The next exchange I am assuming would be Kucoin, it always follows Binance in listing and delisting of tokens. 

XMR fell as low as 100 bucks yesterday and now it floats around $125. I bought the dip yesterday and I am actually break-even now.

Also binance resumed xmr withdrawals, I edited the OP. If you want to get your xmr out of binance this is your chance.

It's the exact opposite: by blocking withdrawals, the only option left is selling on that exchange. That leads to panic selling and a huge drop in price. The proper way to prevent panic trading is a trading halt (https://en.wikipedia.org/wiki/Trading_halt). Ironically, that's the exact opposite of what Binance did. Makes you wonder....

Binance is trying to eliminate all the possible options that could put him on the track list of the SEC. They have already paid a big fine to keep their exchange running so they don't want to repeat the mistake again. Also the way everything is going, it seems the industry leader wants to reduce binances dominance in the market. It can be due to the relaunch of FTX and other exchanges trying to use this opportunity to get a big market share, and exchanges like bybit, OKX are pushing this really hard.

Probably like you said, they fueled the panic because they didn’t have the coins to make everybody whole. Now binance bought the dip, the price stabilized, they resumed the withdrawals…

That deserves a red tag, no?

It is the xmr holders that paid for this mess.

Since they resumed the withdrawals, they don’t look like total scum bags. What’s a 30% drop in crypto in the end? Right 8) happens every once in a while

I couldn’t totally understand why they halted the withdrawals at first and that’s why I screamed “scam” and somehow I was still right about it. I thought they had the coins but they didn’t let people withdraw. It seems they didn’t have the coins and that’s equally scammy.

Or maybe we should believe their cold wallet/hot wallet story… if that makes sense.

I've never trusted them, but who's there to tag?

Only if they panic sold, but if they did, they weren't really holders in the first place. That's why I think this is a good thing: if Monero can drop 35% because of the actions from one untrusted exchange, someone has far too much power of it. After Binance delists Monero, that power is gone.

Imagine having the knowledge to do some insider trading with this! You'd make millions shorting Monero. My assumption is always that someone is manipulating something.

I guess they don’t have any representatives here, at least I don’t know any.

Yesterday I saw a post on reddit, days ago someone predicted the exact date of the delisting. If you can call this a prediction.

Also, people who sold yesterday may have thought that was the only exit they offer… Some of those people might be the victims here.

That's the risk of leaving your coins on a centralized exchange. "Not your keys, not your coins" is nothing new.

Sad for privacy coin enthusiasts but what are the exchanges supposed to do? If they are threatened with denial of services to specific countries unless they delist said privacy coins then as a business, they simply have to do so. I mean, they could get embroiled in court battles & litigation to fight it but is it really worth it to them? They run very profitable exchanges even without privacy coins so it just isn’t worth jeopardising their businesses to fight for privacy coin inclusion. There are still no KYC places like Bisq people can use but privacy coins are dead as far as any future mainstream adoption goes.   

True. However I never blamed binance for delisting these privacy coins. I was mad when they halted withdrawals...

Binance is a tax payer and they have to obey any order coming from the authorities like any of us.

The truth is, I couldn't believe it when I first saw that monero was a tradeable asset on binance. It looked too good to be true (and it was lol) and I liked it because I already did KYC there. I liked the idea of buying XMR there because after I take it out of binance, nobody could trace it anymore. When you think about it, binance was working like a [BANNEDWORD]

Binance is still better than many other exchanges but I won't be keeping any funds there for a while, till I get stupid again at least .

Here is a post from the official Monero Twitter account

https://x.com/monero/status/1754879394261147663?s=20

This does not seem to be related only on privacy coins.

"Network Busy" on Binance again.

I bought this loverly low and now cant get out  :D

Keep trying peeps!

Easy money.  8)
Anyone else made some profit of this?

Could it be because Monero UTXOs are only spendable after 10 confirmations (https://exch.cx/faq#monero_order_issue)? With Bitcoin, you can spend your change up to 24 parents deep. With Monero, you'll have to wait each time. So if Binance has one large address for all their Monero, they can at most process a few transactions per hour.

There's a good reason why you sometimes have to take breaks from your withdrawals. The project's own limitations require this.

Anyway, I've already read some conspiracy theories, such as a Binance attack on Monero and the like. Not much logic, but people always like to complicate things.

It's unnecessary though: Binance doesn't have to keep their entire XMR balance in one UTXO. I don't know if they do it already, but if they'd keep their balance in many different UTXOs, they shouldn't be limited by waiting for confirmations.

It should be expected that gradually all cryptocurrency exchanges will fall under the control of states and their governments. Otherwise, their activities on the territory of these states will be limited or simply impossible. Coins with a high level of anonymity and confidentiality come to the attention of states first. Apparently, after a certain time they will either simply disappear, or their circulation will be illegal, bypassing official crypto exchanges and exchangers. In this case, the Binance exchange simply yields to pressure from government authorities.

Yes, but they can have a large part of their jump in cold wallets. So movement between wallets will create longer waiting times.

Now, if you say that they should have already organized this, before making the announcement, I totally agree. But maybe it's a strategy to avoid massive amounts of money coming out in one fell swoop.

OMG, that's quite sad actually, but what else, it seems like their era is really starting to end. even though I remember that privacy coins really had a lot of hype about them. Moreover, these two coins were coins that were seen as having great potential at that time, in fact their progress was extraordinary. There was also quite a lot of interest from various parties in this type of coin at that time. However, times have changed and sometimes what cannot survive in the market will disappear. Even though we are absolutely certain that the coins we hold are very valuable and want to prove it, the market proves something different. So, no need to force yourself anymore.

We have seen the writing on the wall for some time so it is surprising that the price of Monero dropped by so much. The 10 confirmation requirement isn't something I was aware of, although I have often noticed that some instant exchanges will have Monero swapping unavailable due to some vague "network unavailable" reason. If people can't withdraw XMR because of this, it makes sense that there would be mass dumping as people exchange for something that is withdrawable.

Oh wow!  I'd checked the price of XMR a month or two ago, and it was holding steady at something like $140 or so while the rest of the altcoin market was experiencing some major pain.  Seeing it now at $119.41 (at the time I write this) is a bit of a shock. 

Not surprising Binance delisted it, but the Monero community and Monero owners in general seem to have strong hands when it comes to market turmoil or even events like exchange delisting--and this major drop is what surprises me.  Still, I doubt it's going to stay as low as it is and I don't think it's going to drop below $100 (though I certainly could be wrong). 

Having said all that, I don't know how many real use cases there are for XMR.  Dark web?  Don't know, but I thought bitcoin was still used there.  What I do know is that payment processors that take coins other than bitcoin pretty much never accept it.  It's a great privacy coin, and it really is a shame merchants don't (or most likely can't) accept it.

This is the thing really, if you can't use it, it has no value and may well cease to exist.

CoinPayments (https://www.coinpayments.net/supported-coins) accepts Monero.

Binance and CZ were accused of money laundering. CZ admitted to some of the allegations or had to admit to the allegations in court, even if the allegations were not true. I think the delisting of privacy coins should have been expected because of this process... I see Monero as the brand face of privacy coins. The brand face of cryptocurrencies is Bitcoin. The brand face of platform coins is Ethereum. The brand face of meme coins is Dogecoin. Monero will continue to be a pioneer in this category...

maybe theymos will reply to this thread and give you an answer.

I sure he would ban it if keeping it means jail for him to keep it here.

Who would support him if he were jailed for monero?

It's the de facto currency of darknet markets now. Monero isn't going anywhere. Exchanges come and go, especially scammy ones like Binance. It's laughable they talk about delisting Monero to protect their users and comply with regulations when they list hundreds of rug pulls and complete shit tokens all while lining their pockets with their own users' funds in the process. Fuck Binance and fuck CZ. Privacy is a human right. If you need a reminder of why we are all here:
https://www.activism.net/cypherpunk/manifesto.html

Yes im planning on doing the same, don't trust Binance with my assets anymore, also does any know what exchange's are allowing xmr buy and sell with no restrictions?