April 19, 2024
Latest Cryptocurrency News

Binance Revises Classification of Privacy Coins in Europe

Cryptocurrency exchange Binance has reversed its decision to remove several privacy coins from its platform in Europe. The change of plans comes after Binance adjusted its operations to comply with local regulations. In a statement on June 26, Binance acknowledged the feedback from its community and various projects, leading to a revision in how privacy coins are classified on the platform to adhere to EU-wide regulatory requirements. Binance emphasized its obligation to follow local regulations as it operates as an exchange registered in multiple European Union jurisdictions. These regulations mandate exchanges to have the capability to monitor transactions involving listed coins.

Originally, Binance had intended to delist 12 privacy tokens, preventing users in France, Italy, Spain, and Poland from buying or selling them starting on June 26. The affected coins included Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), Monero (XMR), and MobileCoin (MOB).

However, following the reversal of the decision, several projects took to Twitter to assure their community members. Verge Currency and the Secret Network were among the currencies that confirmed Binance would not delist them.

Binance’s decisions coincide with the European Union’s efforts to establish standards for digital assets through the new Markets in Crypto-Assets (MiCA) regulations, enacted on May 31. The EU aims to create a crypto and digital assets hub in Europe by implementing clear regulations. In July, the European Securities and Markets Authority plans to initiate a consultation process for MiCA, with an 18-month timeline for the laws to be fully effective.

Companies operating in the industry, including Ripple, a cryptocurrency payments service provider, have expressed appreciation for the regulatory clarity provided by the MiCA regulations.

Image by fabrikasimf on Freepik

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