At the beginning of June, Binance announced that it would ban several ‘privacy coins’ in various European countries. However, this led to some criticism. Last week, Binance therefore announced that it would reverse the choice and continue to offer the privacy coins. This is a major victory for the privacy of the crypto sector.
Binance responds to criticism
On June 1, Binance announced that it would remove 12 privacy coins, including monero (XMR), zcash (ZEC) and dash (DASH), from the platform in Spain, France, Italy and Poland. The major grant may have done this at the request of the European Union. The privacy coins would facilitate money laundering. In a statement last week, Binance said the following:
“After carefully considering feedback from the community and projects, we have adapted the privacy coin classification to our platform to meet the requirements of the European Union.”
It is nice to see that the criticism and feedback from the crypto community has paid off. Binance is responding to the feedback, in turn cementing its confidence as the flagship crypto exchange.
According to emails received by users in the countries, not all 12 privacy coins are saved. For now, it seems that BEAM, XMR, ZEN, MOB and FIRO will still leave the platform. The coins that will remain on the platform have reassured their users via Twitter.
We are pleased to inform you that $XVG will remain unaffected by @binance‘s trading restrictions on #privacy coins in certain EU countries.
Verge utilizes a public #blockchain with visible transactions, amounts, and wallet addresses. #vergefam #crypto #ISO20022
— VergeCurrency (XVG) (@vergecurrency) June 22, 2023
Privacy crypto overwint
The partial retraction of Binance’s initial decision is, as mentioned, a victory for the privacy of the crypto sector. The relevant privacy coins make it possible to carry out completely anonymous transactions. Losing the anonymity of privacy coins would be a great loss.
Earlier this year, the MiCa crypto law was approved by the European Union. From next year, a lot of new crypto rules will come into force in the European jurisdiction. So it is to be expected that much will change and such obstacles will arise. Nevertheless, the cooperation between the European Union and the crypto industry is a positive sign.
2023-07-03 17:03:24
#Binance #reverses #decision #crypto #privacy #Europe
