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Monero (XMR) Tanks 25% After Delisting Move by Major Crypto Exchange

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Tue, 6/02/2024 - 14:44
Monero (XMR) Tanks 25% After Delisting Move by Major Crypto Exchange
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Privacy coin Monero (XMR) slumped as much as 30% after top crypto exchange Binance said it would be delisting its trading pairs on Feb. 20.

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Privacy coins are cryptocurrencies that retain anonymity by hiding the flow of money across their networks and are not popular with regulators.

In the aftermath of the announcement, XMR printed a gigantic daily red candlestick, plummeting from highs of $166 to lows of $125 in a relatively short period.

TradingView
XMR/USD Daily Chart, Courtesy: TradingView

Monero experienced a similar fate after prominent crypto exchange OKX delisted its trading pairs alongside other privacy-focused coins, Zcash and Dash, in January. At the time of writing, Monero XMR was down 25.33% in the last 24 hours to $124.

Binance delists Monero

In a Tuesday announcement, Binance says it has decided to delist and cease trading on all Monero XMR trading pairs on Feb. 20, 2024, at 3:00 a.m. (UTC). The exact trading pairs being removed are XMR/BNB, XMR/BTC, XMR/ETH and XMR/USDT.

The move, according to Binance, was based on its most recent review, which it conducts periodically to ensure that the assets it lists continue to meet the high standard expected.

Some of the factors Binance outlined that might drive it to delist an asset include evidence of unethical or fraudulent conduct or negligence, level of public communication, and contribution to a healthy and sustainable crypto ecosystem, among others.

In this light, XMR deposits and withdrawals will cease to be supported on Binance by Feb. 21 at 3:00 a.m. (UTC) and Feb. 20 at 3:00 a.m. (UTC), respectively. Delisted tokens may be converted into stablecoins on behalf of users after Feb. 21 at 3:00 a.m. (UTC).

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Other Binance services will also be delisting XMR. Binance Simple Earn will delist after Feb. 19, 2024, at 3:00 a.m. (UTC). Binance Auto-Invest will delist after Feb. 14 at 3:00 a.m. (UTC). On Feb. 18, 2024, at 3:00 a.m. (UTC), Binance Loans (Flexible and Stable Rates) and VIP Loan will close all outstanding loan positions for XMR.

Binance Margin will delist XMR cross-margin and isolated margin pairs on Feb. 16 at 6:00 a.m. (UTC). On Feb. 8 at 10:00 a.m. (UTC), Binance Margin will suspend isolated margin borrowing on XMR isolated margin pairs.

Binance Futures will close all positions and conduct an automatic settlement on the Coin-M XMRUSD Perpetual Contract on Feb. 15 at 9:00 a.m. (UTC).

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