Binance has reversed its decision to delist several privacy coins in Europe after considering feedback from the community and announcing that it has revised its operations to comply with local regulations.
In a comment received on June 26 from the cryptocurrency exchange, Binance stated:
“After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements.”
Since it operates as an exchange registered in multiple EU jurisdictions, it is “required” to comply with local regulations requiring exchanges to “monitor transactions for coins listed on our platform.”
Initially, Binance was scheduled to delist privacy tokens for users in France, Italy, Spain, and Poland on June 26, preventing them from purchasing or selling 12 privacy tokens.
The decision would impact the following cryptocurrencies: Decred (DCR), Dash (DASH), ZEC, Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), XMR, and MobileCoin (MOB).
Nonetheless, after the decision was reversed, numerous tokens took to Twitter to reassure community members. The Verge Currency updated its website on June 22:
The Secret Network has also announced that it is among the cryptocurrencies that Binance will not delist.
The EU has been refining its standards for digital assets as part of its new Markets in Crypto-Assets (MiCA) regulations, which became law on May 31.
By implementing clear regulations, EU officials intended to make Europe a hub for crypto and digital assets. It plans to launch a MiCA consultation process in July, as the laws’ framework suggested an 18-month implementation period.
Companies in the industry, such as Ripple, a provider of cryptocurrency payment services, have embraced the MiCA regulations due to their clarity.
