Monero Faces Sharp Decline as Binance Announces Delisting

Monero Delisting Announcement

Binance, a major cryptocurrency exchange, has revealed plans to delist Monero (XMR) alongside other tokens like Aragon (ANT), Multichain (MULTI), and Vai (VAI) on February 20, 2024.

Impact on Trading Pairs

Following the delisting announcement, Binance will cease all trading pairs involving Monero, including those with Bitcoin (BTC), Ether (ETH), Tether (USDT), and Binance’s native coin, BNB.

Withdrawal Deadline

All trade orders will be automatically removed after trading ceases, and withdrawals of these tokens will not be supported after May 20, 2024.

Uncertainty for XMR Holders

Binance has stated that delisted XMR may be converted into stablecoins on behalf of users after May 21, but this conversion is not guaranteed. The decision to delist Monero is based on various factors, including its contribution to a healthy crypto ecosystem and responsiveness to due diligence requests.

Market Reaction

The price of Monero reacted swiftly to the delisting news, plummeting to $136 on Binance, losing nearly 19% of its value in a short span. Although it has slightly recovered, XMR is still trading significantly lower than previous levels.

According to TradingView data, the price of Monero has experienced a slight recovery, currently trading at $140.30. This follows a period where Monero reached lows not witnessed since around mid-September 2023.

XMR 24-hour price chart. Source: TradingView

"In my view, while detrimental to Monero, this delisting primarily signifies the gradual decline of Binance," remarked cryptocurrency trader John Brown in a recent post.

Continued Delisting Trend

Binance isn't the only exchange to delist Monero; OKX also announced similar plans in late 2023. Some commentators view this as a negative sign for both Monero and Binance, indicating potential challenges for the exchange.

Regulatory Pressure on Binance

Binance has faced regulatory scrutiny, with its former CEO pleading guilty to breaking Anti-Money Laundering and sanctions laws in late 2023. Reports of Binance.US being banned in certain U.S. states further highlight the challenges the exchange is facing.

Conclusion

The delisting of Monero from Binance marks a significant development in the cryptocurrency market, reflecting ongoing regulatory pressure and uncertainties surrounding privacy-focused coins.