Monero In Crosshairs: Binance Drops Privacy Coin, Market Reacts

Binance users were notified that Monero will be removed due to privacy features. Monero’s worth dropped a lot due to market unrest, and now it’s at its lowest in six months.

Binance declared the removal of Monero from its listings, along with several other tokens such as Aragon (ANT), Multichain (MULTI), and Vai (VAI). The delisting process is scheduled for Feb 20, 2024.

Monero trading pairs with BTC, ETH, USDT, and BNB are being delisted. After trading ends, this operation will cancel all pending trade orders. This applies to these pairings.

The exchange added that on May 20, 2024, support for delisted token withdrawals will come to an end. It is possible, but not guaranteed, that the delisted XMR tokens will be converted into stablecoins after this deadline. Users’ accounts will be credited with the stablecoins if the conversion takes place, since Binance has pledged to send out a separate message about it.

Binance Drops Monero: Impact & Insights

Binance announced it will stop supporting Monero for several reasons. They believe it’s important to support a strong and sustainable cryptocurrency system. The conclusion was influenced by evidence of unethical behavior, carelessness, and responsiveness. Due diligence requests also played a role.

Following the delisting announcement, Monero experienced a nearly 25% plummet in its price within hours. Despite a modest recovery, the current price remains significantly below its pre-announcement level, highlighting the market’s sensitivity to both exchange listings and regulatory measures.

However, The increased width of the Bollinger bands observed on the 24-hour XMRUSD price chart, where the upper and lower bands touch $185.4384 and $126.3983, respectively, suggests heightened volatility in the Monero market.

The Monero market is currently experiencing selling pressure. This is shown by the MFI rating of 41.52 and its downward trend. More money leaving the market than coming in may reduce short-term price gains due to a drop in MFI.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.