Binance, the world’s largest cryptocurrency exchange, will remove 12 privacy-focused cryptocurrencies in four countries: France, Italy, Poland and Spain.
Affected cryptocurrencies will be DeCred (DCR), Dash (DASH), (Zcash) ZEC, (Horizen) ZEN, Pivx (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), MobileCoin (MOB)as well as the famous Monero (XMR).
The information has been emailed to citizens of these countries and is circulate on social networks. The moves will take place on June 26, 2023.
“We are sending this email to formally inform you that due to local regulatory requirements, Binance can no longer offer crypto assets with enhanced anonymity in France.”
Binance’s decision can be linked to a note published this Wednesday (31) by the European Banking Authority (EBA) regarding future changes in the regulation of such assets.
“The EBA today launched a public consultation on changes to its guidelines on money laundering and terrorist financing risk factors”points to the statement. “For CASPs (crypto asset service providers), these risks may be greater due to, for example, the use of innovative technologies, direct transfers of crypto assets around the world, and services that include privacy-enhancing features.”
Cryptocurrencies removed by Binance are trading slightly lower after the exchange announcement. However, Bitcoin’s decline after the Fed announced further rate hikes is also related to this devaluation.
Regulation knocks on Binance’s door, CEO comments on Fallout
Also in February, Paxos was banned from issuing new coins for Binance’s stablecoin, BinanceUSD (BUSD). Since then, market share has plummeted.
On the other hand, BUSD’s biggest competitor, Tether (USDT), took advantage of its rival’s crisis to further increase its dominance. In a tweet published this Thursday (1st), Changpeng Zhao, CEO of Binance, commented on this investor capital migration.
“BUSD, a fully regulated stablecoin, has been “restricted” (unable to mint new mints) by the NYDFS [quanto estava com um valor de mercado de] $23 billion. Now [ela está] with a market value of US$ 5 billion”said CZ. “Since then, USDT has experienced tremendous growth.”
BUSD, a fully regulated stablecoin, was “capped” (no new coinage) by NYDFS at $23 billion. Now with a market cap of $5 billion.
Since then, USDT has experienced tremendous growth. https://t.co/KqBkDK71WS
— CZ 🔶 Binance (@cz_binance) June 1, 2023
Finally, regulators shape the cryptocurrency industry in many ways. In addition to the two examples shown above, it is also noticeable that some brokers and other companies are leaving hostile countries to reopen their offices in new locations.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
