Binance reverses decision to delist privacy coins in Europe

Binance Reverses Decision to Remove Privacy Coins from European Platform

Binance has reversed its decision to remove certain privacy coins from its platform in Europe, citing that it has adjusted operations to meet regional regulations.

On June 26, Binance, a cryptocurrency exchange, stated in a comment that:

The exchange noted that, as it is registered in multiple EU jurisdictions, it is obligated to comply with local regulations that mandate exchanges to monitor transactions of coins listed on their platform.

On June 26, Binance was set to cease allowing users in France, Italy, Spain, and Poland to purchase or sell 12 privacy tokens, thus delisting them.

The coins impacted by the ruling included Decred (DCR), Dash (DASH), ZEC, Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), XMR, and MobileCoin (MOB).

On June 22, The Verge Currency was quick to post an update in response to the retraction of the decision, with many tokens taking to Twitter in order to reassure community members.

The Secret Network also announced that it is one of the currencies that Binance will not de-list.

Binance is looking to the United Arab Emirates as a primary hub for its future operations.

EU Finalizing Regulations for Digital Assets with MiCA

Binance’s decisions come at a time when the EU is finalizing its regulations for digital assets, known as Markets in Crypto-Assets (MiCA), that were officially enacted on May 31.

EU officials sought to make Europe a center for crypto and digital assets by implementing well-defined regulations. In July, they will initiate a MiCA consultation process, with the proposed laws estimated to be fully in force within 18 months.

Companies in the industry, including Ripple, a cryptocurrency payments service provider, have expressed their approval of the MiCA regulations due to the increased clarity in regulation.

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