XMR Zcash and other private coins are getting delisted from binance

[mindrust]

The deadline is Feb/20.

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

Binance to Delist Monero, Zcash, and Other Privacy Coins As Regulatory Pressure Intensifies in Eu...

Privacy coins like Monero and Zcash shield user identities and transactions from regulators but have been criticized for aiding money laundering and other illegal activities.

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.

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[Hispo]

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.

[Bitstar_coin]

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.

[mindrust]

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.

[aTriz]

Personally i think this is a good buying opportunity. Fuck the regulatories. We need to show them we are bigger than them.

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

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

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.

[LoyceV]

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.

[mindrust]

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.

[joker_josue]

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.

[mindrust]

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.

[joker_josue]

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?

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.

Delisted tokens may be converted into stablecoins on behalf of users after 2024-05-21 03:00 (UTC). Please note that the conversion of delisted tokens into stablecoins is not guaranteed. A separate notification will be made before the conversion where applicable, and the stablecoins will be credited to users’ Binance accounts after the conversion.

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.

[mindrust]

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?

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.

Delisted tokens may be converted into stablecoins on behalf of users after 2024-05-21 03:00 (UTC). Please note that the conversion of delisted tokens into stablecoins is not guaranteed. A separate notification will be made before the conversion where applicable, and the stablecoins will be credited to users’ Binance accounts after the conversion.

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.

[Tipstar]

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.

[LoyceV]

This is theft no matter how you try to spin it.

And you're surprised? Wait until you read this topic!

According to binance, they disabled withdrawals temporarily.

That reminds me of this post:

The liquidity comes from users, and more people are buying than selling XMR. Maybe the fee trading in the opposite direction can be lowered to encourage adding liquidity.

This is the case even on big centralized exchanges, that is why they often don't allow people to withdraw xmr...they claim because of some maintenance, but they just don't have enough coins.

What if Binance was selling "fractional reserve Monero" and now gets a huge discount to cover it up?

[mindrust]

This is theft no matter how you try to spin it.

And you're surprised? Wait until you read this topic!

According to binance, they disabled withdrawals temporarily.

That reminds me of this post:

The liquidity comes from users, and more people are buying than selling XMR. Maybe the fee trading in the opposite direction can be lowered to encourage adding liquidity.

This is the case even on big centralized exchanges, that is why they often don't allow people to withdraw xmr...they claim because of some maintenance, but they just don't have enough coins.

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.

[LoyceV]

I just recovered from the panic mode and this post isn’t helping. Lol

Sorry, I'm not here to offer comfort

I don’t even hold too much money on there btw. I am panicking because I don’t want to get fucked over even if it is a few bucks.

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!

[nelson4lov]

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.

[criptoevangelista]

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

[mrust_mobile]

It was already expected that at some point it would leave trading on Binance, I read on the Brazilian website livecoins.com 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.

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.  

edit:

Down 30% weeeee

[criptoevangelista]

It was already expected that at some point it would leave trading on Binance, I read on the Brazilian website livecoins.com 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.

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.  

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

[BitcoinsGreat]

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.

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 ?