• Binance reversed its plan to delist several privacy coins in Europe after revising operations to comply with local regulations.
• Initially, 12 privacy tokens were to be delisted beginning on June 26th.
• Projects like Verge Currency and Secret Network have taken to Twitter to reassure community members that their currencies will remain unaffected by the changes.
Binance Reverses Decision
Binance announced on June 26th that it had revised its operations in order to comply with EU-wide regulatory requirements and thus reverse its plan to delist several privacy coins in Europe. In a statement, Binance said they had taken into consideration feedback from the community and projects before making this decision.
Initially, users in France, Italy, Spain and Poland would no longer be able to buy or sell 12 privacy tokens beginning on June 26th. Per emails received by users, BEAM, XMR, MOB, FIRO and ZEN were still included in the restrictions.
Since the overall ban has been retracted, various projects have taken to Twitter to reassure community members of their continued compliance with regulations. Verge Currency posted an update as early as June 22nd confirming that their currency would remain unaffected by Binance’s trading restrictions while Secret Network also shared an update saying they too were amongst those currencies unaffected by the changes.
Since Binance is registered in various European Union jurisdictions they are obliged to follow local regulations which require exchanges „to be able to monitor transactions for coins listed on our platform“. This has led them to revise how they classify privacy coins on their platform so as not compromise these standards across all countries within the EU region.
In conclusion we can see that after considering feedback from both the community and individual projects themselves Binance decided it was best for them revise their operations so as not put any project under unnecessary strain due non-compliance with EU-wide regulations regarding cryptocurrencies traded within certain countries within Europe