Binance to delist these 12 privacy coins in these eu countries from June 26

[libert19]

..namely Decred, Dash, ZEC, Horizen, PIVX , Navcoin, Secret, Verge, Firo, Beam, XMR and MobileCoin — Countries include France, Italy, Poland and Spain.

Reason given:

While we aim to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy coins.

Email received by customers residing in affected countries:




Source: Cointelegraph

[terciduk123]

Since privacy coins are in disagreement with laws in various nations and exchanges need to go by laws in order to maintain their legal status, privacy coins will have a difficult time growing.
This ban may lead to the collapse of privacy coins if it remains in place.

[o48o]

..namely Decred, Dash, ZEC, Horizen, PIVX , Navcoin, Secret, Verge, Firo, Beam, XMR and MobileCoin — Countries include France, Italy, Poland and Spain.
-cut-
Source: Cointelegraph

When the only purpose of the coin is to escape regulations, this happens. And honestly this probably will be EU wide, these things just take time and law proceeds slowly. And i can actually see this happening to every FATF member country. Funny thing is that these coins wouldn't need to be full blanket anon, they just choose to do it as it's their ideology. ZK proofs could be so much more and fix actual existin problems like kycs. But these guys just want full anonymity and that will most likely be their doom.

Obviously they can't stop the coins themselves, those probably will keep get traded at least for a while, just not in exchanges. And with less volume and liquidity.

[poodle63]

Many of privacy coins are almost die. It seems like that the privacy coin could not be accepted in european countries as well. Glad to see that binance was taking this decision to keep its position safe rather than try to deal with the regulation.
I think that the countries outside EU will be also following it. Issuing tightening regulation about disallowing privacy coin to be traded.

Privacy coin may die soon.

[Yogee]

South Korea and then some EU countries. This is probably a good news the bitcoin mixers out there and those non-kyc peer-to-peer platforms.

What's really the point of using these privacy coins when you're going to trade them on centralized exchanges that will ask for KYC like Binance? It's just weird to me.

[....]Glad to see that binance was taking this decision to keep its position safe rather than try to deal with the regulation.

It's the easier way out.

[Apocollapse]

This was already expected, three years ago Coinbase delisted few privacy coins, now it's followed by Binance. More and more privacy coins will be delisted on the other centralized exchanges, this is why holding a privacy coin isn't a good choice. Remember Bitcoin isn't a privacy coin, but it's a pseudonymous and it could be used as a privacy coin if you use a third party help e.g. mixer.

[blockman]

If Binance is doing that in the EU region then it might be expected that in some regions and countries, they might do the same thing.

This was already expected, three years ago Coinbase delisted few privacy coins, now it's followed by Binance.

Some other exchanges in South Korea also did this and it made headlines. Of course government don't want privacy options and matters for their people so they're directing Binance and for sure other exchanges as well that they need to remove these privacy coins.

Privacy coin may die soon.

Possible but also not may happen for the strongest ones that has a good community back up.

[Jackl87]

..namely Decred, Dash, ZEC, Horizen, PIVX , Navcoin, Secret, Verge, Firo, Beam, XMR and MobileCoin — Countries include France, Italy, Poland and Spain.

Reason given:

While we aim to support as many quality projects as possible, we are required to follow local laws and regulations regarding the trading of privacy coins.

Email received by customers residing in affected countries:

Well it is not a big surprise that crypto currencies in general and of course especially privacy focused currencies are in the focus of government, authorities and the big banks. Bitcoin was created to give people the opportunity to send and receive money without having any third party like a bank involved and without the governments knowing that you have sent and received money. It is pretty clear that this is a real nightmare for the government and banks and therefore they are introducing laws to fight against such projects.
I don't really think that this is really a danger for the crypto scene as a whole. It is definitely sad for specific projects though.

[DeathAngel]

Not good for privacy & self sovereignty but it is what it is. Binance are a profit making business, the bottom line is they have to comply with rules & regulations of the jurisdictions they provide services to. If a country requires them to dump privacy coins from their services in order to continue operations there then Binance will do what is required.

[Dave1]

I'm not surprised by the delist of those privacy coins, even before there was a outcry for exchanges to do that. It started on the South Korean exchanges maybe around 2020 if I'm not mistaken.

And then it quickly goes to other top tier exchanges including Binance. Of course, we don't want these privacy coins to be removed or being forgotten, but Binance has no choice since they have to legally follow the framework in order for their business to survived.

[killerfrost]

We need to remember that the use of crypto is responsible, use it in accordance with the law and encourage everyone to learn and understand their identity and address during transactions. The use of anonymous crypto in the crypto market has been widely used by a number of people for various reasons. However, I am programmed not to take political opinions or give any advice on using crypto.

However, it can be said that staying anonymous in the crypto market can provide users with a higher level of security, helping them to protect their personal information and assets. However, this can also lead to the use of crypto for unauthorized activity such as money laundering, fraud, and other illegal activity. This move by binance for me is just pointing some opinion on this news as well as having a side discussion about the main issue that the market is going on.

[rat4]

While this is a bad news for crypto, it pushes users towards DEXes, where governments have less control.

[hugeblack]

I suggest that Binance turn into a commercial bank, everything they do contradicts the basic principle of cryptocurrency, which is peer-to-peer trading without the intervention of a third party, and as long as governments impose these policies on the platform and the platform only responds, they are ready to do anything so as not to harm their profits.
If this isn't motivation enough to explore and support DEXs, nothing else will.
what's next? Not withdrawing to a self-custody wallet.

[zonefloor]

The purpose of the emergence of cryptocurrencies was to remain confidential and anonymous. But when we look at the current situation, any privacy situation has started to disappear. State pressures and exchange platforms also began to submit to this pressure. Obviously, cryptocurrencies have started to go out of their way. I think it stems from actions aimed at preventing smuggling and illegal situations. I think this will happen all over Europe. This is just the beginning.

[zasad@]

The MICA law was adopted in Europe, and there was no doubt about it. All 27 countries will be subject to the same law, but since the law will come into force only in 12-18 months,
countries have time to make preparations. Confidential coins will be prohibited.
https://bitcointalk.org/index.php?topic=5416171.msg62338291#msg62338291

[dwminer1]

I'm not sure if this is verified information. I am from Poland and I have not received any information on this subject from Binance. I also asked on several groups of cryptocurrency users from Poland on Telegram and no one got similar information. I'll let you know if anything changes on this.

[Lagduf]

While this is a bad news for crypto, it pushes users towards DEXes, where governments have less control.

It's very wrong mate. The government can shutdown the dex as well. Did you remember what happened with etherdelta? if you remember that and you might have seen the power that owned by government. It's very easy to shutdown it. Even the government can seize the domain if they want.

There was no other solution than being compliance with the regulation. Binance just wanna do that.

[cryptoaddictchie]

As expected. Its primary goal is privacy and we all knew centralized follow procedures and protocols hence with the government right? Its not like they wanted to delist it, and just following the regulations on countries imposed it.

Maybe a privacy exchange could be made somewhere where those interested to trade without any hindrance on government rules. But I doubt traders would love to trade there, since Binance has the volume. If you want to make money then go to cex and trade with outstanding volume. If you protect your privacy that much, then do peer to peer and keep safe your info for that. I guess we cant satisfy both of everyone wants and prioritize.

As long as governement stand the idea of decentralization would always be bother by the likes of them.

[GelatikKembar]

We can't blame Binance for that because private coins can be a threat to the country,
therefore the government can also make demands on Binance to delist privacy coins.
just imagine that transactions in coin privacy are very large and most of it is for money laundering,
yes I support this being done by Binance, and it is also possible that coin privacy will be delisted from Binance global.

[goldkingcoiner]

There are other, decentralized ways to trade XMR. The delisting will not work. Perhaps on the smaller, unpopular and copycat privacy coins. But really? No need to worry. This is going to push crypto more towards full decentralization and self-autonomy. This is a good thing. At some point, when Bitcoin has become fully adopted by people of all places, Blockchain will be considered the third generation of money technology. And the government will have no say but rather just have to sit and watch its people drop banks and third partys who made their profits from exploiting fiat's weaknesses. Fiat is a centralized piece of paper which supposedly stores value, even though it is not backed by anything of value(gold) anymore and they can keep printing as many strips of paper as they want.