Image courtesy of Binance Twitter page
- Binance is set to go back on its initial decision to delist privacy coins in a number of European countries.
- Despite facing regulatory pressure, Binance is choosing to preserve financial freedom and deny CBDCs a chance to rise.
Binance has announced that it will be allowing Italy and neighboring countries to trade privacy coins such as Monero, ZCash, Dash, and others. Earlier this year, the world’s largest crypto exchange by volume announced plans to delist these coins in a bid to comply with regulatory requirements.
The latest update confirms that users in Italy, Poland, Spain, and France will be allowed to continue trading tokens including Zcash (ZEC), Monero (XMR), Decred (DCR), Horizen’s (ZEN), Verge (XVG), Dash (DASH), Secret (SCRT), Firo, Navcoin (NAV), MobileCoin (MOB), Beam and PIVX.
The exchange noted;
After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.
Crypto Project Secret shared with its community the exciting news, noting that Binance was complying with the needs of the community.
You spoke, and Binance listened!@binance will not be delisting $SCRT, along with six other privacy-focused cryptocurrencies, in European countries. Read the full story below!
Read: https://t.co/woAkM139yk pic.twitter.com/U3CouL4vFH
— 𝕊ecret Network 🤫⚡️ (@SecretNetwork) June 23, 2023
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Binance has been facing regulatory pressure all over the world for the way it operates. In some countries, it is facing investigations or has been denied operational licenses. Binance has therefore been making a lot of effort to comply with regional requirements.
Read More: Belgium Sets Roadblocks for Binance in Europe, Demands Halt to Operations
Are privacy coins under threat?
Regulators all over the world have been pushing crypto exchanges to delist privacy coins that they deem to be dangerous. Privacy coins are often associated with illegal activity and law enforcement says they can easily be used for illegal trading and criminal funding. However, this is far from the truth, as a majority of privacy coin users appreciate the extra layer of security and anonymity. The users realize that financial privacy is key in this new digital age and these privacy coins offer this.
Despite harsh regulations, privacy coins have gained in popularity with Monero (XMR), the most-valued privacy coin reaching a market cap of a little over $3 billion. However, there’s still great potential for growth as it has lost over 60 percent of its value in the last 2 years. As adoption continues to grow, analysts expect the token to continue leading, retesting, and potentially surpassing the current high. Other privacy coins are destined to follow suit.
Binance embraces privacy coins to promote financial freedom
As earlier reported, some European countries including France and Spain are working on CBDCs. Analysts have warned that the new form of money will see users surrender their financial privacy. CBDCs are easily traceable and vulnerable to manipulation from either the government or cyber-attacks. By continuing to support privacy coins, Binance is promoting financial freedom and privacy.
Binance CEO Changpeng Zhao has long been an advocate of cryptocurrencies and the benefits they offer. This means providing users with financial freedom and privacy which his exchange is now embracing with its latest decision.
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