Binance Faces Backlash Following Decision to Remove Four Cryptocurrencies
MULTI
VAI
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Binance stirred controversy in the crypto community X when it announced the delisting of four cryptocurrencies—Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR)—in an official release on February 6, 2023.
The exchange’s decision has triggered speculation and criticism, with multiple X users questioning the motives behind these delistings. Binance’s lack of a specific reason for the removals has fueled further unrest.
Many in the community have suggested that Binance might be yielding to regulatory pressure, especially in light of the U.S. Treasury Secretary Janet Yellen’s recent call for stricter cryptocurrency regulations. The announcement’s timing, just one day after Yellen’s remarks, has heightened suspicions of a potential connection between the two events.
Can’t you guys just say that governments hate privacy coins so you’re forced to delist them?
I mean it’s not like it’s your fault.
— Byzantine General (@ByzGeneral) February 6, 2024
Binance’s attempt to address user concerns through its customer support team has faced criticism for providing generic and repetitive responses, leaving users dissatisfied with the lack of personalized attention to their questions.
The aftermath of the delisting was particularly impactful on Monero (XMR), which experienced a sharp 32% decline in price within hours of the announcement. As of press time, XMR is trading a little above $120, marking a significant drop from earlier levels in the month, reminiscent of mid-September 2023.
Monero’s unique focus on privacy and decentralization, notably through the use of stealth addresses, is likely the main reason behind its delisting. Binance’s requirement for deposits from transparent addresses may not align with Monero’s privacy features.
In response to the delisting, the Monero team reaffirmed its commitment to privacy and decentralization. Despite being one of the oldest and most popular altcoins, Monero’s emphasis on privacy has both defined its distinctiveness and presented challenges for mainstream adoption, which could explain Binance’s decision.
The delisting of the four tokens is scheduled for February 20.
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