048 – Binance’s decision responds to local laws and regulations that apply to privacy cryptocurrency trading.
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Cryptocurrency exchange Binance has announced that it will stop offering support for 12 cryptocurrencies and privacy tokens in various countries of the European Union. This measure, which will take effect on June 26, is due to local regulations in those countries.
This has been confirmed by the company itself to its clients located in Spain, France, Italy and Poland. In addition, he made it clear that the crypto assets Decred (DCR), Dash (DASH), Zcash (ZEC), Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT) will no longer be usable on the exchange. , Verge (XVG), Firo (FIRO), Beam (BEAM), Monero (XMR), and MobileCoin (MOB).
Binance’s decision responds to compliance with local laws and regulations that apply to privacy cryptocurrency trading. A spokesperson for the company stated that the move seeks to ensure that the exchange can “continue to serve as many users as possible.”
“As part of Binance’s ongoing compliance processes, we have reached out to affected users to notify them that they will no longer be able to purchase or trade privacy tokens on our platform after June,” the spokesperson told The Block.
A privacy cryptocurrency is “an asset that is designed to protect the privacy of users, managing to protect customer data,” reports Binance. In that sense, the largest cryptocurrency exchange by trading volume indicated that, due to regulatory requirements of “certain local authorities”, users will not be able to exchange those assets within the platform.
In turn, the blockchain ecosystem warns that if any user wants to continue trading or exchanges with these assets, their account will be restricted to buy, sell and exchange privacy cryptocurrencies.
According to some studies, monero – the open source cryptocurrency created in April 2014 – ranks among the privacy cryptocurrencies most used by cybercriminals. Hence, the federal authorities of the United States fear that their investigations could be made difficult due to the increasing use of this crypto asset.