In a strategic move reflecting the evolving regulatory landscape, Binance, the world’s largest cryptocurrency exchange, has expanded its Monitoring Tag list to include 10 digital assets, prominently featuring privacy coins such as Monero (XMR) and Zcash (ZEC). This development comes as other major exchanges, including OKX, align with international regulatory trends by scrutinizing privacy coins.
The Monitoring Tag list subjects assets to rigorous reviews based on criteria such as network stability, trading volume, development activity, and public communication. Binance reserves the right to delist tokens that fail to meet these standards, potentially impacting their liquidity and reputation.
Could your favorite privacy coins be at risk of delisting on @binance? A recent announcement puts 12 cryptocurrencies under watch. Discover which ones might be affected. $XMR $ZEC $FIRO $ANT $KP3R $MDX $MOB $REEF $VAI $ZEN $GMX $SUSHI https://t.co/oTrI9xswHQ
— Finbold (@finbold) January 4, 2024
Already, the announcement has influenced market dynamics, with Horizen (ZEN) experiencing a 7% decline since the revelation. Additionally, Binance has removed GMX (GMX) and SushiSwap (SUSHI) from its Seed Tag list, a section focusing on cryptocurrencies in their early development stages.
The move follows a broader industry trend, as OKX recently delisted privacy coin trading pairs. These privacy-focused assets have drawn heightened scrutiny from global regulators, with Dubai’s Virtual Assets Regulatory Authority (VARA) banning activities involving XMR, ZEC, and similar tokens in February 2023. Binance’s decision to include and closely monitor privacy coins underscores the industry’s response to evolving regulatory expectations, with exchanges adjusting their strategies in line with international standards.
