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Monero Crashes 30% After Binance Includes XMR in Altcoin Delisting Spree

February 06, 2024

Monero (XMR), the biggest privacy-focused cryptocurrency on the market, is being delisted by Binance, the largest crypto exchange in the world.

In an announcement, Binance says that after review, XMR will be included in a fresh delisting spree.

XMR, which has been a favorite for those seeking blockchain anonymity since 2014, immediately dropped after the announcement and is currently trading for $108.80, about a 32% decrease during the last 24 hours.

Along with Monero, Binance also says it would delist decentralized governance network Aragon (ANT), artificial intelligence-focused blockchain Vaiot (VAI) and enterprise blockchain platform Multichain (MULTI).

According to the crypto exchange, when it conducts reviews on its supported assets, it considers a variety of factors, including:

  • “Commitment of team to project

  • Level and quality of development activity

  • Trading volume and liquidity

  • Stability and safety of network from attacks

  • Network / smart contract stability

  • Level of public communication

  • Responsiveness to our periodic due diligence requests

  • Evidence of unethical/fraudulent conduct or negligence

  • Contribution to a healthy and sustainable crypto ecosystem”

Late last year, Changpeng Zhao stepped down as CEO of the exchange after pleading guilty to violating anti-money laundering and securities laws.

Rostin Behnam, the Chair of the Commodities Futures Trading Commission (CFTC), said that Zhao is going to spend time in prison, and will be hit both criminally and civilly to send a message to the industry.

Since Zhao’s resignation, Richard Teng, Binance’s new CEO, has emphasized that the exchange has adopted a more corporate and transparent business model moving forward.

Said Teng,

“We are starting from a position of strength. The fundamentals of the business are extremely strong. Our capital structure is debt free, expenses are models, and our revenue and profits remain robust…

Once you have all those corporate structures in place, I think those financials will be what we’ll be sharing. We’ve all known that auditors [require them], but the regulatory agencies will require all those things as well. So we are committed to transparency as an organization.”

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Featured Image: Shutterstock/Suwin