Binance facing criticism over privacy coins delist decision

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Binance

Many privacy coin proponents slammed the Binance crypto exchange over the privacy coin delist decision.

Binance is a top-ranked crypto exchange. The services of this exchange are available in almost every country directly or via subsidiaries. In May of this year, Binance announced that it will delist private crypto tokens from the exchange for crypto traders in the Jurisdiction of France, Italy, Poland, & Spain.

In the present time, nearly half of the privacy coins advocates are supporting Binance’s decision, while half of them are opposing it badly. 

A few privacy coin advocates said that it is good that such a big exchange is going to delist privacy crypto tokens because it will result in a better outcome for the privacy coin users, as no one privacy coin user will be required to provide any kind of detail on the crypto exchange(s).

While few privacy crypto token proponents said that if Binance like big crypto exchanges will not support such crypto assets then it will result in bad outcomes for such crypto tokens because no new users will come to know about these token easily and also trade price & trade volume of these tokens will plunge badly, so the trade price of these tokens will fail to achieve stability.

Few crypto experts noted that European Union (EU)’s new laws are indirectly forcing the crypto exchanges to delist such crypto assets because no one crypto firm can keep the exact transaction record against privacy coin users.

In the present time, private crypto tokens are fully prohibited in UAE but still, people trade in these crypto assets with the help of decentralised crypto exchanges. They usually bypass the IP ban via the use of VPN services.

Read also: Binance was controlling BinanceUS’s bank accounts

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