Binance Reverses Course, Decides Not to Delist Privacy Coins in Europe

Binance has announced its decision to reverse the plan to delist several privacy coins in Europe, citing the need to comply with local regulations. The cryptocurrency exchange stated on June 26 that it had reconsidered its classification of privacy coins on its platform to adhere to EU-wide regulatory requirements.

As an exchange registered in various EU jurisdictions, Binance emphasized its obligation to follow local regulations, which include the ability to monitor transactions for listed coins. Initially, Binance had intended to delist 12 privacy tokens, including Decred (DCR), Dash (DASH), ZEC, Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), XMR, and MobileCoin (MOB), for users in France, Italy, Spain, and Poland.

Following the reversal of the decision, several tokens affected by the initial plan took to Twitter to reassure their communities. Verge Currency, for instance, provided an update on June 22 stating that it would not be delisted on Binance. The Secret Network also confirmed that it was among the currencies that would not face delisting.

Binance’s change of course aligns with the European Union’s efforts to establish standards for digital assets through the Markets in Crypto-Assets (MiCA) regulations. These regulations, signed into law on May 31, aim to position Europe as a crypto and digital asset hub. In July, a MiCA consultation process is set to launch, with the framework suggesting an 18-month timeline for full implementation.

Companies in the industry, including Ripple, a cryptocurrency payments service provider, have welcomed the MiCA regulations for the clarity they provide in terms of regulatory compliance.

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