The panic level among the crypto Investors for XMR surged badly, as the top crypto exchange decided to delist it from the platform.
Monero (XMR) is a popular privacy blockchain network which can be used to transfer money without leaving the identity of the sender & receiver. Monero is different from public Crypto networks because tracing the transaction across the Monero network is almost next to impossible. XMR coin is highly popular among the bad actors who trade illegal goods digitally.
On 6 Feb 2024, Binance Crypto exchange announced that it would delist XMR coin along with three other crypto assets from the platform.
Following the announcement, the trade price of PEERcoin crashed 17% within a matter of a few minutes.
The Binance team always keeps monitoring the listed crypto assets to make sure that listed Cryptocurrencies meet the listing criteria of the exchange.
As a part of latest delist decision, Binance will terminate trading of ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT, on February 20, 2024, at 03:00 a.m. UTC.
Following the delist news, the Argon (ANT) token also crashed by nearly 3% but suddenly recovered.
Following this announcement Multichain (MULTI) token crashed 25% within a few minutes. This level of panic is usual among multi token investors because already Multichain crypto platform founders disappeared in China. Reportedly Chinese police arrested him & his few family members in link with alleged crypto money laundering case.
Some media reports dragged attention toward the legal hurdles that Binance is facing currently in the US jurisdiction and they claimed that Binance delisted Monero Cryptocurrency because this cryptocurrency provides ease to bad actors to trade illegal goods & services.
Recently a Hamas victim family filed a suit against Binance & Binance co-founder Changpeng Zhao (CZ) for allowing people to use the exchange without any full KYC registration, which helped Hamas terrorists use Binance as a tool for terrorist financing.