Binance will not provide anonymity focussed crypto asset trading

0
121
Binance

Binance will delist 12 privacy focussed cryptocurrencies from the exchange in 4 countries.

Binance is a top-ranked digital assets trade platform. The services of this crypto firm are available globally. Since Q3 2021, this Crypto exchange focussed to secure regulatory approval & comply with rules and regulations in every jurisdiction. 

On 31 May 2023, the Binance exchange sent an email notification to customers based in France, Italy, Poland, & Spain and confirmed that the exchange will delist all the privacy focussed crypto assets from the platform.

These crypto assets are Decred, Dash, Zcash, Horizen, PIVX, Navcoin, Secret, Verge, Firo, Beam, Monero, and MobileCoin.

This new decision was taken by exchange, to remain in full compliance with the rules & regulations corresponding to the mentioned four countries.

On 26 Jun, Binance will delist all these mentioned crypto assets from the platform.

Privacy crypto assets

Privacy of anonymity focussed crypto assets are those tokens that can be transferred without leaving the footprint of the transaction.

It remains highly tough for any expert to find the trace of these crypto transactions. Many bad actors take advantage of these types of Crypto assets for drug smuggling & money laundering-like activities.

The majority of the crypto assets are traceable, as they use a public blockchain network to process the transaction and  these currencies will fall under the regulatory policies easily but surely there will be a big challenge for the regulators to develop strict rules against anonymity focussed crypto assets. 

Read also: ByBit suspends services for Canadian customers

Comments are closed.