Binance said after carefully considering feedback from the community and several projects it revised operations to comply with EU standards.
Binance has decided to reverse its plan to delist a number of privacy coins in Europe after it said it has revised operations in order to comply with local regulations.
In a comment from the cryptocurrency exchange recevied on June 26, Binance said that:
"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."
It also commented that since it operates as an exchange registered in various EU jurisdictions, it is “obliged” to follow local regulations that require exchanges to, “be able to monitor transactions for coins listed on our platform."
Initially, Binance was to delist privacy tokens for users in France, Italy, Spain and Poland, rendering them no longer able to buy or sell 12 privacy tokens beginning on June 26.
The coins affected by the decision were to include: Decred (DCR), Dash (DASH), ZEC, Horizen (ZEN), PIVX (PIVX), Navcoin (NAV), Secret (SCRT), Verge (XVG), Firo (FIRO), Beam (BEAM), XMR and MobileCoin (MOB).
However, since the decision has been retracted various tokens have taken to Twitter to reassure community members. The Verge Currency posted its update as early as June 22:
We are pleased to inform you that $XVG will remain unaffected by @binance's trading restrictions on #privacy coins in certain EU countries.
— VergeCurrency (XVG) (@vergecurrency) June 22, 2023
Verge utilizes a public #blockchain with visible transactions, amounts, and wallet addresses. #vergefam #crypto #ISO20022
The Secret Network also posted an update saying that it is among the currencies in which Binance will not delist.
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These decisions from Binance come as the EU has been ironing out its standards for digital assets with its new Markets in Crypto-Assets (MiCA) regulations, which were signed into law on May 31.
With clear-cut regulations, EU officials aimed to make Europe a hub for crypto and digital assets. In July it plans to launch a MiCA consultation process, as the framework for the laws suggested an 18-month timeline to take full effect.
Companies in the industry, such as cryptocurrency payments service provider Ripple, have welcomed the MiCA regulations due to regulatory clarity.
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