CZ Binance on Buying Banks to Fight Crypto Regulation Woes, Russian Banker Says CNY Likely to Dethrone USD, and More — Week in Review
By: TOGRP
June 4, 2023 11:45 PM / 0 Comments Banking and Finance In Brief News Blockchain International News
Changpeng Zhao, the CEO of Binance, doesn’t think buying a bank would solve the crypto industry’s troubles with traditional financial institutions, amid issues his own exchange currently faces in regions like Australia and Europe. In other news, the chairman of Russia’s second-largest bank has said that the Chinese yuan is likely to replace the U.S. dollar as the world’s reserve currency. All this and more, just below, in the latest Bitcoin.com News Week in Review.
Multiple reports have revealed that Binance, the crypto exchange with the highest trade volume, has announced the removal of 12 privacy-focused cryptocurrencies from its markets in Spain, France, Poland, and Italy. Commencing on June 26, 2023, users residing in these four countries will no longer have the option to purchase or trade these privacy coins on Binance’s trading platform.
Binance to Delist 12 Privacy Coins in Spain, France, Poland and Italy
Binance has recently informed its customers in France, Spain, Italy, and Poland via email that it intends to remove 12 distinct privacy coins from these markets. Among the privacy coins set to be delisted are dash (DASH), verge (XVG), beam (BEAM), monero (XMR), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB).
“Due to local regulatory requirements, Binance is no longer able to offer privacy-enhanced cryptocurrencies in France,” an email to French customers details. “Starting from June 26, 2023, users residing in France will no longer be able to buy or sell the [specific] privacy coins on our platform,” the notice adds.
On Wednesday, the leading privacy coins experienced a 3.2% decline in value against the U.S. dollar. The combined market capitalization of all existing privacy coins currently sits at approximately $5.73 billion, with monero (XMR) taking the lead. XMR has experienced a 2.4% loss today, while the second-largest privacy coin by market capitalization, DASH, has seen a drop of 3.5%. However, despite these losses, the top five privacy coins, based on market capitalization, are displaying positive performance according to seven-day statistics.
Privacy coins have encountered delistings due to regulatory concerns on multiple occasions in the past. In 2021, prominent cryptocurrency exchanges in South Korea made the decision to remove several of the top privacy coins from their platforms. This trend was also witnessed in Japan back in 2018, and it gradually spread across various Asian countries in 2019. The recent news of Binance’s delisting of privacy tokens comes in the wake of its withdrawal from the Canadian market and its challenges with a domestic payment provider in Australian markets.
What are your thoughts on Binance’s decision to delist privacy coins in Spain, France, Poland, and Italy? Share your thoughts and opinions about this subject in the comments section below.