Binance to delist privacy tokens in France, Italy, Spain and Poland

Binance to delist privacy tokens

Binance, the largest cryptocurrency exchange by trading volume, has announced that it will be delisting privacy tokens in France, Italy, Spain, and Poland. The delisting of these tokens is due to the fact that the countries have recently implemented new regulations that require cryptocurrency exchanges to comply with more stringent know-your-customer (KYC) and anti-money laundering (AML) standards.

The tokens that will be delisted include Monero (XMR), Zcash (ZEC), Dash (DASH), Horizen (ZEN), Super Bitcoin (SBTC), and Bitcoin Private (BTCP). Binance has stated that it will be suspending deposits and withdrawals for these tokens on its platform starting from June 14th, 2021.

The delisting of these privacy tokens is part of a larger effort by the European Union to regulate the cryptocurrency industry and ensure that exchanges are compliant with its regulations. This move is likely to have a significant impact on the trading of these tokens, as Binance is one of the largest exchanges in the world.

Reasons for Delisting

Binance has stated that the delisting of privacy tokens in France, Italy, Spain and Poland is due to the fact that these tokens may be subject to additional regulations in these countries, and that the exchange is not able to provide the necessary compliance with those regulations.

In order to comply with local regulations, Binance has decided to delist the tokens from its platform in the affected countries. This decision was made in order to ensure that Binance is in full compliance with local laws and regulations.

Binance has also stated that it will continue to monitor the situation and may re-list the tokens if the regulatory environment changes in the future.

Affected Tokens

Binance has announced that it will delist privacy tokens in France, Italy, Spain and Poland. The tokens affected by the delisting include Dash, Zcash, Horizen, Super Bitcoin, and Bitcoin Private.

Dash is a privacy-focused cryptocurrency that is based on the Bitcoin protocol. It allows users to send and receive payments with greater privacy and security than traditional payment methods. Zcash is a cryptocurrency that uses zero-knowledge proofs to ensure that transactions remain private.

Horizen is a privacy-focused blockchain platform that allows users to securely send and receive payments. Super Bitcoin is a hard fork of Bitcoin that offers enhanced privacy features. Bitcoin Private is a privacy-focused cryptocurrency that is a fork of both Bitcoin and ZClassic.

Impact of Delisting

The delisting of these tokens from Binance will have a significant impact on users in France, Italy, Spain, and Poland. These users will no longer be able to trade these tokens on Binance, and will have to look for alternative exchanges to buy and sell these tokens.

The delisting of these tokens will also have an impact on the market for these tokens. The liquidity of these tokens will decrease, as fewer people will be able to trade them. This could lead to a decrease in the price of these tokens, as there will be fewer buyers and sellers.

Finally, the delisting of these tokens could also lead to a decrease in their usage. Without access to Binance, users in these countries may be less likely to use these tokens for transactions or investments.